Sportswear company Agilitas Sports, co-founded by ex-Puma India MD Abhishek Ganguly, has bagged funding of Rs. 100 crore from venture capital firm, Nexus Venture Partners.
The company has raised these funds at a time when it is trying to sign licencing agreements with foreign brands and is in negotiations to buy sportswear companies.
Abhishek Ganguly, Founder, Agilitas Sports said that fresh fund raise will enable the company to accelerate its scale-up trajectory. “Agilitas Sports will be the holding company which will make large and substantial investments on building different lines of businesses while staying rooted in the sportswear segment.”
“We at Nexus Venture Partners are very excited about partnering with Agilitas as they revolutionize the sports market with their comprehensive approach. We are aligned with the vision of the company of Agilitas for Propelling a Generation through Sports”, said Suvir Sujan, Nexus Venture Partners.
Other co-founders of Agilitas Sports include former senior executives of Puma India– Atul Bajaj and Amit Prabhu.
Earlier in the year, the company had raised approximately Rs. 430 crore. Thirty crore was raised by individual investors, with the remaining four hundred crore coming from Convergent Finance LLP, an investment management and advisory firm headed by Harsha Raghavan.
Mochiko Shoes Pvt Ltd., a contract manufacturer for well-known international brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, and Decathlon, was acquired by Agilitas in September. According to Ganguly, Mochiko’s order book has grown significantly as a result of the company’s investment, which has strengthened Mochiko’s capabilities. This fiscal year, the company expects to generate over Rs. 800 crore in sales.
Sports footwear is the fastest-growing category of footwear, making for 16% of the total market. By 2030, the size of the Indian sportswear market is expected to have grown by four times.