Puma India executives’ startup Agilitas Sports raises $52 Mn

Abhishek Ganguly, a sports business leader, along with co-founders Atul Bajaj and Amit Prabhu have announced their new entrepreneurial venture: Agilitas Sports.

The trio have also managed to raise over $50 million led by Convergent Finance LLP. The investment management and advisory partnership led by Harsha Raghavan has invested Rs 400 crore in Agilitas Sports while Rs 30 crore has come from individual investors. This is one of the largest debut funding rounds for a startup in India.

Agilitas Sports aims to be an innovation-led sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem, the company said in a press release. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.

The founding team of Agilitas Sports comprises Ganguly, the outgoing managing director of PUMA India and SouthEast Asia, Atul Bajaj, the outgoing executive director of sales and operations of PUMA India, and Amit Prabhu, the outgoing chief financial officer of PUMA India. During Ganguly’s decade-old tenure as MD at Puma India, the company saw a five-fold jump in sales from Rs 600 crore in 2014 to nearly Rs 3,000 crore in 2022.

“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.

Currently, sports footwear accounts for 16% of the overall footwear market and is the fastest-growing segment. Its share is trending towards the global averages of more than 30% in emerging markets and over 50% in mature markets. Agilitas  will look to partner and invest across the sports ecosystem, from manufacturing to retail to technology.