Agilitas Sports, spearheaded by Abhishek Ganguly, the former managing director of Puma India and South-East Asia, has successfully raised a substantial INR 100 crores in funding from Nexus Venture Partners. This strategic financial injection is set to propel Agilitas Sports into a transformative phase, focusing on the development and expansion of a diverse portfolio of consumer brands within the sports footwear and apparel sectors.
The recent funding comes on the heels of Agilitas Sports’ impressive financial achievements earlier this year, securing INR 400 crores in May from funds managed by Convergent Finance LLP under Harsha Raghavan, supplemented by an additional INR 30 crores from individual investors. With deep-rooted involvement across multiple facets of the industry, including manufacturing, product development, and retail, Agilitas Sports has been making waves in the competitive sportswear and athleisure market.
A pivotal move in 2023 saw Agilitas Sports acquire Mochiko Shoes Pvt. Ltd, a renowned sports footwear manufacturer catering to globally recognized brands such as Adidas, New Balance, and Reebok. Bolstered by the recent capital infusion, Agilitas Sports is gearing up to strengthen its manufacturing capabilities and embark on the launch of innovative sportswear brands, signaling a new era in the company’s evolution.
Abhishek Ganguly, in an exclusive interview with Mint, outlined the strategic vision for Agilitas Sports, emphasizing the need for diversification in response to the evolving landscape of sports footwear and apparel in India. The company is now poised to explore opportunities for acquiring online-first sportswear brands or entering into long-term distribution agreements with established international or local brands.
Agilitas Sports aims to license globally recognized brands with a robust heritage and pursue acquisitions to establish a comprehensive platform that spans manufacturing, design, product development, distribution, and marketing. As the company strategically positions itself for accelerated growth, the infusion of funds from Nexus Venture Partners is seen as a resounding vote of confidence in Agilitas Sports’ vision and strategic direction.
The sports apparel market in India, primarily driven by menswear, achieved a valuation of $14 billion in 2020 and is projected to surge to $21 billion by 2023, according to a 2022 Anand Rathi Investment brokerage report. The broader sports sector in India, encompassing media rights, apparel, sports nutrition, and sports equipment, is on track for substantial growth, with expectations to reach $100 billion by 2027. Notably, the Indian market is already home to major global brands such as Nike, Skechers, Reebok, Puma, Adidas, Decathlon, alongside homegrown brands like Blissclub.
Suvir Sujan of Nexus Venture Partners highlighted the significance of India’s rapidly growing economy and the discernible shift 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 remarked.
As Agilitas Sports readies itself for an exciting phase of growth, the additional capital from Nexus Venture Partners is poised to play a pivotal role in fortifying the company’s position in the fiercely competitive sportswear landscape. This strategic move not only underscores Agilitas Sports’ commitment to innovation but also signifies its determination to be a key player in shaping the future of sports retailing in India.
