Agilitas Sports Scores Big: Rs 100 Cr Boost from Nexus Venture

Defying the reports of funding winters, Agilitas Sports, the Bengaluru-based sportswear and athleisure solutions startup, has successfully raised Rs 100 crore (approximately USD 12 million) in its second funding round this year, marking a significant milestone for the startup. Nexus Venture Partners led the funding round, solidifying their support for Agilitas Sports' growth plans.

Agilitas Sports and The Puma Connection

Founded earlier this year by former Puma India managing director Abhishek Ganguly, along with colleagues Atul Bajaj and Amit Prabhu, Agilitas Sports has quickly become a key player in the fast-growing sportswear market in India. In May, the company secured USD 50 million in its maiden funding round, led by Convergent Finance LLP.

The startup is committed to investing in the core fabric of the Indian sports ecosystem, with a focus on manufacturing, product development, and retail. In a unique move within its pre-product phase, Agilitas Sports has now raised a total of Rs 500 crore (USD 64 million) this year, showcasing strong investor confidence in its vision and capabilities. 

Strategic Moves and Acquisitions

Agilitas Sports made headlines in September with the acquisition of Mochiko, a sports footwear manufacturer catering to renowned brands such as Adidas, New Balance, and Reebok. The move further strengthened Agilitas's position in the market, as Mochiko reported an impressive revenue of Rs 642 crore in FY23.

The company is currently finalizing a licensing deal with an international shoe brand, intending to exclusively sell their products in India. This strategic move aligns with Agilitas Sports' goal to diversify its offerings and capture a wider consumer base.

Earmarked Funds for Expansion and Innovation

The newly secured funds from Nexus Venture Partners, totaling Rs 100 crore, will play a crucial role in accelerating Agilitas Sports' growth plans. Abhishek Ganguly, co-founder of Agilitas Sports, emphasized that the funds will be used to boost manufacturing capacities and launch new sportswear brands. The company is exploring opportunities for acquisitions or partnerships with both global and local brands to achieve this goal.

Thriving Sportswear Market in India

India's sports apparel market, valued at $14 billion in 2020, is projected to reach $21 billion by 2023. The overall sports sector, encompassing media rights, apparel, sports nutrition, and equipment, is expected to grow from $27 billion in 2020 to $100 billion by 2027.

Suvir Sujan of Nexus Venture Partners expressed optimism about the investment, noting India's rapidly growing economy and the increasing trend toward an active and health-conscious lifestyle. "We are aligned with the vision of Agilitas for propelling a generation through sports," Sujan remarked.

As Agilitas Sports continues to make strategic moves and secure substantial funding, it positions itself as a formidable force in shaping the future of sportswear in India.

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