TechnoSport, a performance wear brand, has raised ₹175 crore as its first external fund-raising from A91 Partners, an early growth equity fund.
With the fresh capital, TechnoSport plans to enhance its modern manufacturing capabilities, focus on digital brand building, and amplify its marketing activities. The funding will also support the expansion of TechnoSport’s sales and distribution channels, helping the brand reach a wider audience. Offering high-performance apparel tailored for the Indian market at affordable prices, TechnoSport aims to cater to the masses.
TechnoSport has over over 5,000 active retailer touchpoints across 15 states.
The India Sports Apparel Market was valued at $673.34 million in 2022, and is expected to reach $1,926.10 million by 2029, exhibiting a CAGR of 16.2 per cent during the forecast period (2023-2029).
Over the past three years, TechnoSport has maintained an average growth rate of between 30 per cent and 40 per cent, the company said in a statement. Further, TechnoSport aims to capture 10 per cent of the Indian Activewear Market.
“This infusion of capital marks a pivotal moment in our growth journey, enabling us to accelerate our expansion on multiple fronts. With this support, we are poised to scale our operations, enhance our product offerings, significantly increase our user base, drive brand building, and propel our digital acceleration efforts, ensuring we remain at the forefront of innovation in the sports technology industry,” said Puspen Maity, CEO of TechnoSport.
According to Abhay Pandey, General Partner at A91 Partners, “Technosport has demonstrated that high-quality activewear can be made in India and they are on a path to democratising access to the category. This investment represents our confidence in their ability to disrupt and significantly expand the activewear market and create meaningful impact.”