Abhishek Ganguly Raises INR 430 Crores For The Entrepreneurial Venture, Agilitas Sports
Abhishek Ganguly along with co-founders Atul Bajaj and Amit Prabhu have announced their entrepreneurial venture, Agilitas Sports, an innovation-led sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem. The total funding raised for the venture is INR 430 crores. The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs. 400 crores whereas individual investors have also funded INR 30 crores.
Notifying on the venture, Ganguly, Founder of Agilitas Sports, stated, “We aim 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.”
The founding team of Agilitas Sports comprises of Ganguly, Managing Director, PUMA India and Southeast Asia; Atul Bajaj, Executive Director, Sales and Operation, PUMA India, and Prabhu, Chief Financial Officer, PUMA India.
Raghavan, Managing Partner at Convergent Finance LLP, stated, “Abhishek, Atul, and Amit are exceptional professionals and have an outstanding track record of building a sports and athleisure focused business from scratch to become India’s largest. Their strong leadership capabilities are complemented by their skill in identifying consumer trends early. They are exactly the kind of passionate entrepreneurs whose ideas we love to back with our capital. With the amazing new opportunities in India’s sportswear market given our nation’s focus on fitness as well as ‘Made in India’, we believe that Agilitas represents the next step in the evolution of India’s consumer story. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.”
Presently, sports footwear accounts for 16 percent of the overall footwear market and is one of the fastest-growing segments. Its share is trending towards the global averages, more than 30 percent in emerging markets and more than 50 percent in mature markets. Moreover, the current total footwear market of approximately INR 110 billion is projected to grow at about 13 percent CAGR up to 2030.
