Sports apparel startup Azani Sports has raised a total of Rs 7.5 crore from Redwood Trust (formerly Sequoia Capital India Trust) and Fireside Ventures. The is back to back funding for the startup backed by Sequoia Capital’s incubation programme – Surge.
In January, Fireside had invested an undisclosed sum in the Mumbai-based startup while Sequoia itself had put in around Rs 1.38 crore via Surge and Sequoia’s general fund.
According to MCA filing with RoC, Azaani issued Series B CCPS worth Rs 6.99 Cr and Rs 6.25 Lakhs to Redwood at a premium of Rs 2205.76 per share.
A brainchild of Siddharth Suchde, Punith Kumar and Alfons Jose, the four-year-old Azani Sport is a sports gear manufacturing startup that sells online and through select retail outlets. Currently, it makes sports apparel only for men but planning to launch gear for women and kids soon.
It offers customised products across categories and has become a demanding brand where global majors like Puma, Adidas, Nike have already captured the market.
Azaani was amongst eight Indian startups, out of 17 startups, that was picked up by Sequoia for the first group under the accelerator program. The other startups in Surge’s first cohort include Bulbul, DoubtNut, Flynote, Hippo Video, InterviewBit Academy, Khatabook and Skillmatics.
The accelerator programme will provide $1.5 million cheque along with global immersive trips across Silicon Valley, China, Singapore and mentorship from renowned investors and founders like Rajan Anandan, Kunal Shah, Byju Raveendran, Girish Mathrubootham, Deepinder Goyal and Ritesh Agarwal, among others.
Apart from Azani, DoubtNut, Skillmatics, and Flynote have also received funding from Surge.