Sportswear Startup Agilitas Gets Funding From Spring Marketing To Expand Portfolio

Sportswear and athleisure startup Agilitas Sports has raised funding from Mumbai-based Spring Marketing Capital. However, the startup declined to disclose the funding amount or the valuation.

Agilitas will use the fresh funds to expand its brand portfolio, strengthen its presence in India and enter international markets. 

Founded in 2023, by former Puma executives Abhishek Ganguly, Atul Bajaj and Amit Prabhu, Agilitas is building an entire value chain from manufacturing to retail for sports footwear. It has raised INR 537 Cr in funding till date from the likes of Convergent Finance and Nexus Venture Partners.

In April this year, the Bengaluru-based startup bagged exclusive rights for Italian sports brand Lotto. Agilitas plans to design, manufacture and sell Lotto products in categories such as footwear, apparel, accessories, and sports equipment in India, Australia and South Africa. 

The deal with Spring Marketing Capital is particularly significant as Agilitas is eyeing an entry into the consumer space by 2025.

Commenting on the funding, Agilitas cofounder and CEO Ganguly said in a statement that the startup is on track with its initial goal of strengthening its core team and scaling up operations and is now looking to further its marketing capabilities with the partnership with Spring Marketing Capital. 

“… we are now well placed to build multiple brands with a deep focus on brand-building within our category. Our aim is for a global reach, driven by a commitment to creating meaningful, long-lasting consumer connections,” he added.

While Agilitas is yet to make inroads into the consumer space, it forayed into the business-to-business (B2B) space last year with the acquisition of Mochiko Shoes — the largest sports footwear manufacturer in India.

Mochiko caters to several big clients, manufacturing shoes for the likes of Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo in the country.

Ganguly told Inc42 earlier that Mochiko is poised to attain a market valuation of INR 1,000 Cr by FY25 and he expected this number to double over the next four years.

At the heart of Agilitas’ expansion plans is the country’s rapidly growing footwear and athleisure wear market, which is expected to become an INR 1.91 Lakh Cr opportunity by FY28, on the back of rising household disposable income and middle class boom.