Abhishek Ganguly, the outgoing managing director of sportswear maker Puma India and South East Asia, has raised Rs 430 crore from investors for his new entrepreneurial venture.
Agilitas Sports is an innovation-led sportswear and athleisure solutions platform. Atul Bajaj, the outgoing executive director for sales and operations at Puma India, and Amit Prabhu, the outgoing chief financial officer of Puma India, comprise its founding team besides Ganguly.
Funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore in Agilitas and Rs 30 crore has come from individual investors.
“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,” said Abhishek Ganguly, Founder of Agilitas Sports. “With a hyper-focus on customer experience and customer-centricity, we endeavour to build meaningful communities in the Indian sports and sportswear space and be a catalyst towards a fit and athletic India.”
Harsha Raghavan, managing partner at Convergent Finance LLP, said Agilitas marks new opportunities in India’s sportswear market. “Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy,” said Raghavan.
Sports accounts for 16 per cent of the overall footwear market and it is the fastest-growing segment. Its share is trending towards the global average of 30 per cent in emerging markets and 50 per cent in advanced economies.