Agilitas Sports, a sportswear startup founded by former executives of PUMA India, has recently secured INR 430 crore (approximately $52 million) in a funding round. Led by investment firm Convergent Finance, the investment will support Agilitas Sports in its mission to redefine the sportswear industry through innovation and technology integration. With a focus on customer-centricity and building meaningful communities, Agilitas Sports aims to make a significant impact on the Indian sports and sportswear market.
In a funding round led by Convergent Finance, Agilitas Sports raised INR 430 crore. Convergent contributed INR 400 crore, while the remaining INR 30 crore came from undisclosed angel investors. The startup was founded by outgoing executives of PUMA India, including Abhishek Ganguly, Atul Bajaj, and Amit Prabhu. Their collective experience and expertise in the sportswear industry position Agilitas Sports for success.
Agilitas Sports aspires to disrupt and redefine the sportswear industry by seamlessly integrating innovation and technology throughout the product value chain. From the factory floor to the retail shelf, the startup aims to deliver a superior customer experience and create a customer-centric environment. With an emphasis on fitness and athleticism, Agilitas Sports aims to be a catalyst in shaping a healthier India.
Harsh Raghavan, managing partner of Convergent Finance, expressed enthusiasm for the opportunities in India's sportswear market. He believes that Agilitas represents the next step in India's consumer story, given the nation's focus on fitness and "Made in India." Convergent Finance plans to collaborate with Agilitas Sports on operations, capital allocation, and long-term business strategy.
Agilitas Sports will operate in the highly competitive Indian sportswear market, which is currently dominated by global brands like Nike, Adidas, and PUMA. Additionally, several homegrown sportswear startups such as The Souled Store, Zivame, Prowl, Just F, HRX, and Alcis Sports are vying for a share of the market. According to reports, the Indian sports apparel market was valued at $579.47 million in 2021 and is projected to reach $2.23 billion by 2029.
The growing middle class and increasing disposable incomes have fueled the growth of the Indian sportswear market, attracting the attention of investors. Numerous Indian startups are striving to capitalize on this trend. In recent years, women's activewear brand BlissClub secured $15 million in funding from Eight Roads Ventures and Elevation Capital, while Freecultr, another activewear brand, raised $5 million in a Series A funding round led by Sixth Sense Ventures.
Agilitas Sports' successful funding round and the entry of Convergent Finance as a lead investor set the stage for the startup to disrupt the Indian sportswear industry. With its focus on innovation, technology integration, and customer-centricity, Agilitas Sports aims to redefine the industry and build meaningful communities. As the sportswear market continues to grow, the emergence of startups like Agilitas Sports highlights the potential for further innovation and competition within the industry.
