Former Puma India executive founded Agilitas Sports raises Rs 100Cr from Nexus VP

Former Puma India executive founded sportswear and athleisure startup Agilitas Sports has bagged Rs 100 crore (approximately $12 million) in funding from Nexus Venture Partners. 

Prior to this, Agilitas had raised a hefty sum of Rs 400 crore from Convergent Finance LLP, led by Harsha Raghavan, and an additional Rs 30 crore from individual investors.

Aiming to revolutionize Indian sportswear

Co-founded by industry veterans, including Abhishek Ganguly, the former managing director of Puma India and South-East Asia, Agilitas Sports is a burgeoning sportswear and athleisure solutions platform.

The startup, which also includes Atul Bajaj and Amit Prabhu, former executives of Puma India as co-founders, aims to revolutionize the sportswear market in India.

Strategic acquisitions 

In mid-September this year, Agilitas acquired Mochiko Shoes Pvt. Ltd, India's largest sports footwear manufacturer, which has been a key player in producing footwear for top brands like Adidas, New Balance, and Reebok.

Agilitas said the move was part of its broader strategy to enhance its manufacturing capabilities and launch new sportswear brands.

The startup is not just focusing on manufacturing but is also eyeing the burgeoning Indian sports apparel market, which is projected to reach $21 billion by 2023. It aims to redefine the sportswear industry by integrating innovation and technology across its value chain, from manufacturing to retail.

The current landscape of the sports apparel market 

India’s sports apparel market, primarily driven by menswear, was valued at $14 billion in 2020 and is projected to reach $21 billion by 2023, according to a 2022 Anand Rathi Investment brokerage report. The overall sports sector in India, including media rights, apparel, sports nutrition, and sports equipment, is expected to grow from $27 billion in 2020 to $100 billion by 2027.

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