Puma India Executives’ Startup Agilitas Sports Raises $52 Million
- ByStartupStory | May 17, 2023
Sports business leader Abhishek Ganguly, along with co-founders Atul Bajaj and Amit Prabhu, have recently unveiled their latest entrepreneurial endeavor named Agilitas Sports.
Convergent Finance LLP, spearheaded by Harsha Raghavan, has taken the lead in a successful funding round for Agilitas Sports, raising over $50 million. Out of the total investment, Convergent Finance LLP has contributed Rs 400 crore, while individual investors have provided an additional Rs 30 crore. This substantial funding round marks one of the most significant debut funding achievements for a startup in India.
Agilitas Sports, as stated in a press release, envisions itself as an innovation-driven platform for sportswear and athleisure solutions, with a strong focus on investing in the fundamental framework of the Indian sports ecosystem. Convergent, in collaboration with Agilitas, will play a crucial role in various aspects such as operations, capital allocation, and long-term business strategy.
The core team behind Agilitas Sports consists of accomplished individuals from PUMA India. This includes Abhishek Ganguly, who served as the Managing Director of PUMA India and SouthEast Asia, Atul Bajaj, the Executive Director of Sales and Operations at PUMA India, and Amit Prabhu, the Chief Financial Officer of PUMA India. Under Ganguly’s leadership during his decade-long tenure as MD, PUMA India witnessed an impressive growth, with sales surging from Rs 600 crore in 2014 to nearly Rs 3,000 crore in 2022.
“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. With a hyper-focus on customer experience and customer-centricity, we endeavor to build meaningful communities in the Indian sports and sportswear space and be a catalyst towards a fit and athletic India,” said Ganguly.
Presently, the sports footwear sector holds a 16% market share within the overall footwear market and is experiencing rapid growth. This segment is gradually converging with global averages, where emerging markets surpass 30% and mature markets exceed 50% market share. Agilitas intends to forge partnerships and make investments throughout the sports ecosystem, encompassing manufacturing, retail, and technology domains.
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