Leader in the sports industry Abhishek Ganguly and co-founders Atul Bajaj and Amit Prabhu have revealed Agilitas Sports as their new business.
Additionally, the trio was able to raise $50 million under the direction of Convergent Finance LLP. Agilitas Sports has received investments totalling Rs. 400 crores from the investment management and advisory partnership headed by Harsha Raghavan and Rs. 30 crores from private investors. One of India’s largest initial startup funding rounds is taking place right now.
According to a press release from the company, Agilitas Sports aims to be an innovation-driven platform for sportswear and athleisure solutions that invests in the foundation of the Indian sports ecosystem. In the areas of operations, capital allocation, and long-term business strategy, Convergent will collaborate with Agilitas.
Atul Bajaj, the departing executive director of sales and operations for PUMA India, Ganguly, the departing managing director of PUMA India and SouthEast Asia, and Amit Prabhu, the departing chief financial officer of PUMA India, make up the founding team of Agilitas Sports. The company saw a five-fold increase in sales from Rs 600 crore in 2014 to almost Rs 3,000 crore in 2022 during Ganguly’s ten-year tenure as MD at Puma India.
“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,” said Ganguly.
The fastest-growing market segment, sports footwear currently makes up 16% of the entire footwear market. Its market share is moving in the direction of the global averages, which are over 30% in emerging markets and over 50% in mature markets. In the sports ecosystem, from production to retail to technology, Agilitas will seek to partner and invest.