Abhishek Ganguly, the outgoing head of PUMA India, has raised around $52 million (Rs. 430 crore) for his new sportswear and athleisure startup Agilitas Sports.
The first round of funding for the startup was led by Convergent Finance LLP, whose other portfolio companies include Hindustan Foods Ltd, JI Foods, Camlin Fine Sciences, and Borosil Renewables.
Out of the total funding, Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, invested Rs 400 crore, while Rs 30 crore came from individual investors.
The founding team of Agilitas Sports comprises Ganguly, the outgoing managing director of PUMA India and South East Asia, and his colleagues Atul Bajaj, the outgoing executive director – sales and operations, and Amit Prabhu, the outgoing CFO.
“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,” Ganguly said.
According to Research and Markets, the market for India’s sports equipment, footwear and apparel market is estimated to reach $40.64 billion growing at a CAGR of 7.82% by 2027 from $27.89 billion in 2022.
The funding for Agilitas Sports comes against a backdrop of hard-to-get funding, driven by multiple factors such as the rate hikes in developed markets, the geopolitical situation in Eastern Europe, and COVID-related supply chain shocks.