While Convergent Finance invested INR 400 Cr, other angel investors pumped in INR 30 Cr in the startup
The startup has been cofounded by three outgoing executives of PUMA India, and aims to integrate technology across the entire product value chain
As per a report, the homegrown sports apparel market is expected to quadruple from $579.47 Mn in 2021 to $2.23 Bn by 2029
Agilitas Sports, a sportswear startup founded by outgoing executives of PUMA India, has raised INR 430 Cr (about $52 Mn) in a funding round led by investment firm Convergent Finance.
While Convergent invested INR 400 Cr, other angel investors pumped in the remaining INR 30 Cr into the startup. Agilitas Sports, however, did not disclose the names of the individual investors.
Founded by outgoing PUMA India executives Abhishek Ganguly, Atul Bajaj, and Amit Prabhu, Agilitas Sports will offer sportswear and athleisure products for its customers. It also aims to supposedly redefine the sportswear industry by integrating innovation and technology across the product value chain from the factory floor to the retail shelf.
Announcing the launch of the startup, Ganguly said, “Agilitas Sports aims to disrupt and redefine the sportswear industry by seamlessly integrating innovation and technology across the product value chain from the factory floor to the retail shelf. With a hyper-focus on customer experience and customer-centricity, we endeavor to build meaningful communities in the Indian sports and sportswear space and be a catalyst towards a fit and athletic India.”
Commenting on the funding, Harsh Raghavan, managing partner of Convergent Finance, said, “With the amazing new opportunities in India’s sportswear market given our nation’s focus on fitness as well as ‘Made in India’, we believe that Agilitas represents the next step in the evolution of India’s consumer story. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.”
While details are scarce, the new startup is expected to operate within the larger Indian sportswear market, which is dominated by the likes of global brands such as Nike, Adidas and PUMA. It also competes with homegrown sportswear startups such as The Souled Store, Zivame, Prowl, Just F, HRX, Alcis Sports, among others.
As per a report, the homegrown sports apparel market was pegged at $579.47 Mn in 2021 and is projected to soar to $2.23 Bn by 2029.
This growth has largely been fueled by rising disposable incomes and a growing middle-class which has spurred the rise of a number of Indian startups, which are trying to grab a pie of the sportswear market. This has attracted the interest of investors that are eyeing the burgeoning sportswear ecosystem.
In 2022, women’s activewear brand BlissClub bagged $15 Mn from Eight Roads Ventures and Elevation Capital. Another activewear brand Freecultr raised $5 Mn in a Series A funding round led by Sixth Sense Ventures early last year.