Sportswear Startup Agilitas Bags INR 100 Cr From Nexus Venture Partners

Sportswear startup Agilitas Sports has raised a funding of INR 100 Cr (about $11.9Mn) from venture capital firm Nexus Venture Partners.

The funding would help Agilitas accelerate its growth plans and solidify its end-to-end capabilities from research and manufacturing to retail.

Founded earlier this year by former Puma India executives Abhishek Ganguly, Atul Bajaj, and Amit Prabhu, Agilitas operates in the fast-growing sportswear market in India and aims to become a global company, taking on brands like Nike, Adidas and Puma. 

The startup claims it aims to redefine the sportswear industry by integrating innovation and technology across the product value chain from the factory floor to the retail shelf.

Commenting on the funding, Ganguly said, “We want to contribute towards the growing sports culture in the country by building robust manufacturing capabilities fuelled by strong R&D centres, product design labs and brands that resonate with consumers. This partnership strengthens our commitment towards investing in innovation across the value chain.”

The latest fundraise comes months after Agilitas raised INR 430 Cr (about $52 Mn) in a round led by investment firm Convergent Finance LLP. 

In September this year, Agilitas acquired Mochiko Shoes, India’s largest sports footwear manufacturer for the domestic market, for an undisclosed amount. The startup then said it would look to begin manufacturing products across sportswear and athleisure categories following the acquisition.

Mochiko Shoes is a contract-manufacturing partner to leading international brands, such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo. 

With rising disposable incomes in the country, Agilitas is looking to grab a large share of the Indian sportswear market. 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.

On the other hand, Nexus Venture Partners is an active investor in the Indian startup ecosystem. It counts leading Indian startups like Unacademy, Zepto, Zomato, Delhivery, MapmyIndia in its portfolio.

In March, Nexus Venture Partners announced the closure of its Nexus Ventures VII fund at $700 Mn. Since then it has participated in funding rounds of multiple startups like Onsurity and Wootz.work. Most recently, Nexus Venture Partners invested in credit card management solutions startup Kiwi during its $13 Mn (INR 108 Cr) Series A round.