Former Puma MD Abhishek Ganguly raises Rs 430 crore for his startup Agilitas Sports

Abhishek Ganguly, the sports businessman, along with co-founders Atul Bajaj and Amit Prabhu have announced their entrepreneurial venture – Agilitas Sports.

Agilitas Sports, as per the founders, is an innovation-led sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem.

Funds advised by Convergent Finance, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore and Rs 30 crore have come from individual investors for the venture.

The founding team of Agilitas Sports comprises of Ganguly, the outgoing Managing Director of Puma India and South East Asia; Bajaj, the outgoing Executive Director – Sales and Operations of Puma India, and Amit Prabhu, the outgoing Chief Financial Officer of Puma India.

Ganguly said, “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.”

Raghavan, Managing Partner at Convergent Finance, said, “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.”

Currently, sports footwear accounts for 16% of the overall footwear market and is the fastest-growing segment. Its share is trending towards the global averages of 30%+ in emerging markets and 50%+ in mature markets. At the same time, the current total footwear market of approximately Rs 110 billion is projected to grow at about 13% CAGR up to 2030.

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