The recently allocated funds are intended to enhance manufacturing capabilities and introduce new sportswear labels, either via acquisitions or collaborations with international and domestic brands.
Abhishek Ganguly is one of the co-founders of Agilitas Sports.
New Delhi: Agilitas Sports, led by Abhishek Ganguly, the ex-managing director of Puma India and South-East Asia, has secured ₹100 crore in funding from Nexus Venture Partners. The purpose of this investment is to advance a variety of consumer brands in the sports footwear and apparel domains.
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Agilitas secured ₹400 crore in May from Convergent Finance LLP, led by Harsha Raghavan, and an extra ₹30 crore from individual investors. The company, specializing in sportswear and athleisure, is involved in manufacturing, product development, and retail. Earlier this year, Agilitas Sports acquired Mochiko Shoes Pvt. Ltd, a sports footwear manufacturer for brands like Adidas, New Balance, and Reebok.
The new funds will be used to enhance manufacturing capabilities and launch new sportswear brands through acquisitions or partnerships with global and local brands, according to Ganguly, Agilitas’s representative. Ganguly emphasized the diverse consumer base for sports footwear and apparel in India, prompting Agilitas to enter sports retailing. The company is exploring acquiring online-first sportswear brands or establishing long-term distribution agreements with established international or local brands.
Agilitas aims to license global brands with a strong heritage and pursue acquisitions to create a comprehensive platform covering manufacturing, design, product development, distribution, and marketing. According to Ganguly, 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.
Major global brands like Nike, Skechers, Reebok, Puma, Adidas, Decathlon, and homegrown brands such as Blissclub are already present in the Indian market. Suvir Sujan of Nexus Venture Partners highlighted India’s rapidly growing economy and the increasing trend towards 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.
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