Former Puma India execs’ startup Agilitas raises $12 Mn from Nexus

Agilitas Sports has raised Rs 100 crore (approximately $12 million) from Nexus Venture Partners. This is the second funding round for the Bengaluru-based company in the ongoing calendar year.

Founded by former Puma India managing director Abhishek Ganguly along with his colleagues Atul Bajaj and Amit Prabhu, the company announced its official launch in May with a $50 million maiden funding led by Convergent Finance LLP.

Agilitas Sports is a sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem. The company also said that it is finalising a licensing deal with an international shoe brand to sell the latter’s products exclusively in India.

In September, it acquired sports footwear manufacturer Mochiko, a manufacturer of sports footwear for brands such as Adidas, New Balance, and Reebok. Fifteen-year-old Mochiko registered a revenue of Rs 642 crore in FY23.

Agilitas added it will look to partner and invest across the sports ecosystem, from manufacturing to retail to technology.

That said, Agilitas is one of the few startups that has raised back-to-back funding in its pre-product phase.

Last week Generative AI startup Sarvam AI raised $41 million in Series A funding. Fintech firms Kiwi and Scapia, insurance company InsuranceDekho, fashion startup Purple Style Labs, and rural-focussed fintech startup Navadhan are among those which have raised two rounds in 2023.