Performance wear brand TechnoSport has raised Rs 175 crore ($21 million) from A91 Partners. This is the first external fundraise for the 17-year-old company.
With the fresh capital, TechnoSport plans to enhance its manufacturing capabilities, focus on digital brand building, and marketing, the company said in a press release. The funding will also support the expansion of TechnoSport’s sales and distribution channels.
Led by Puspen Maity, TechnoSport offers high-performance apparel tailored for the Indian market at affordable prices. Its network spans across 15 states and over 5,000 active retailer touchpoints.
Over the past three years, TechnoSport claims to have maintained an average growth rate of between 30% and 40%, cementing its position as a key player in the activewear segment.
Besides India, TechnoSport operates in South Africa and the UAE.
The Indian sports apparel market was valued at $673.34 million in 2022 and is expected to grow at a CAGR of 16.2% to reach $1.92 billion by 2029. TechnoSport aims to capture 10% of the market share.
TechnoSport’s operating revenue spiked 28% to 287 Crore in FY23 from Rs 224 Crore in FY22. At the same time, the company’s profits jumped more than 2X to Rs 29.26 crore during the period.
Among the venture capital funded companies, TechnoSport will compete with Agilitas Sports, a newly launched startup founded by former Puma India managing director Abhishek Ganguly. Agiltas has already scooped up more than $60 million across two rounds from a fund managed by Convergent Finance LLP and Nexus Venture Partners. It also competes with Zymrat which was acquired by D2C fashion and lifestyle brand Styched in September last year.
