Outgoing Puma India MD Abhishek Ganguly along with co-founders Atul Bajaj and Amit Prabhu announced their venture – Agilitas Sports, a sportswear and athleisure solutions platform. It has also raised funds of ₹430 crore.
While the funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan invested ₹400 crore, an additional ₹30 crore has been raised from individual investors.
The founding team of Agilitas Sports comprises of Abhishek Ganguly, the outgoing Managing Director of PUMA India and South East Asia, Atul Bajaj, the outgoing Executive Director – Sales and Operations of PUMA India, and Amit Prabhu, the outgoing Chief Financial Officer of PUMA India, a statement added.
Abhishek Ganguly, Founder of Agilitas Sports, 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.”
Harsha Raghavan, Managing Partner at Convergent Finance LLP, added, “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 per cent 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.