Performance wear brand TechnoSport raises $21M from A91 Partners

Bengaluru-based Performance wear brand TechnoSport has raised Rs 175 crore or around $21 million from A91 Partners in its first external fundraising. 

With the infusion of fresh capital, TechnoSport is set to improve its manufacturing infrastructure, amplify its marketing activities, and focus on digital brand building.

What does TechnoSport do?

According to the startup's LinkedIn page, TechnoSport was founded in 2015 by Sumit Santhalia and Sunil Jhunjhunwala. TechnoSport offers high-performance apparel tailored for the Indian market at remarkably affordable prices.

Puspen Maity, the chief executive officer of TechnoSport, said, "This infusion of capital marks a pivotal moment in our growth journey, enabling us to accelerate our expansion on multiple fronts. With this support, we are poised to scale our operations, enhance our product offerings, increase our user base, drive brand building and propel our digital acceleration efforts.”

Additionally, Sunil Jhunjhunwala, co-founder and managing director, added, "This infusion of funding will serve as a catalyst, empowering us to bolster our manufacturing infra and increase our digital brand presence. With this support, we are poised to extend our reach across borders, strengthening India's imprint on the global map."

TechnoSport’s growth

The startup claims to have established itself as a key player in the activewear segment, maintaining an average growth rate of 30-40% over the past three years. 

The startup operates in 15 states in India and has a network of over 5,000 active retailer touchpoints.

Additionally, OIt has expanded its operations internationally, with a presence in South Africa and the UAE.

TechnoSport now aims to capture 10% of the Indian sports apparel market, which was valued at $673.34 million in 2022 and is expected to grow at a CAGR of 16.2% to reach $1.92 billion by 2029.

Financial performance and competitors

TechnoSport's operating revenue increased by 28% to Rs 287 crore in FY23 from Rs 224 crore in FY22. Similarly, its net profit more than doubled to Rs 29.26 crore during the same period. 

The startup faces competition from other venture capital-funded companies such as Agilitas Sports and Zymrat.

Agilitas Sports, founded by former Puma India managing director Abhishek Ganguly, has raised over $60 million across two rounds from Convergent Finance LLP and Nexus Venture Partners.

On the other hand, Zymrat was acquired by D2C fashion and lifestyle brand Styched in September last year. Advay Capital Advisors acted as the financial adviser on TechnoSport’s recent fundraise transaction.