Agilitas Sports, established by Abhishek Ganguly, the former managing director of Puma India and South-East Asia, secured an investment of INR 100 crore from Nexus Venture Partners. The funding will be utilized to foster a variety of consumer brands within the sports footwear and apparel domains.
In May, Agilitas secured INR 400 crore from funds managed by Convergent Finance LLP under Harsha Raghavan and an additional INR 30 crore from individual investors.
Agilitas Sports, specializing in sportswear and athleisure, operates across various domains, including manufacturing, product development, and retail. Earlier in the year, the company took over Mochiko Shoes Pvt. Ltd, a sports footwear manufacturer for brands like Adidas, New Balance, and Reebok.
The newly acquired funds are earmarked for boosting manufacturing capabilities and for launching new sportswear brands, either through acquisitions or partnerships with global and local brands, as mentioned by Ganguly.
Emphasizing the diverse consumer base for sports footwear and apparel in India, Ganguly highlighted Agilitas’s foray into sports retailing. The company is exploring options such as acquiring online-first sportswear brands or establishing long-term distribution agreements with well-established international or local brands.
Ganguly added that Agilitas intends to secure licenses from globally recognized brands with a robust heritage. Additionally, the company plans to pursue acquisitions, aiming to establish a comprehensive platform that spans manufacturing, design, product development, distribution, and marketing.
According to a brokerage report from Anand Rathi Investment in 2022, the sports apparel market in India, largely fueled by menswear, reached a valuation of $14 billion in 2020. The projection indicates an anticipated growth to $21 billion by 2023. Furthermore, the broader sports sector in India, encompassing media rights, apparel, sports nutrition, and sports equipment, is expected to expand from $27 billion in 2020 to $100 billion by 2027.
In the Indian market, prominent global brands like Nike, Skechers, Reebok, Puma, Adidas, Decathlon coexist with indigenous brands like Blissclub.
Suvir Sujan from Nexus Venture Partners underscored the swift expansion of India’s economy and the rising inclination toward an active and health-conscious lifestyle.
“Therefore, we are aligned with the vision of the company of Agilitas for Propelling a Generation through Sports,” Sujan said.