Sports company has received funding of Rs 100 crore from Nexus Venture Partners. Founded by Abhishek Ganguly, ex-MD, Puma (India & South-East Asia), the company aims to invest the capital in becoming a sustainable partner in India’s sportswear market.
“At this stage, we have a substantial amount of capital from our initial fundraising that remains unutilised. Nexus brings valuable expertise in building digital platforms and technology companies both in the US and India,” Abhishek Ganguly, Co-founder and CEO, Agilitas Sports, told YourStory.
The comapny said the collaboration with Nexus Venture Partners will accelerate its scale-up trajectory, further solidifying its capabilities from research, manufacturing, and retail.
“India is one of the fastest growing economies in the world where more people are moving towards a health-conscious lifestyle. Therefore, we are aligned with the vision of Agilitas for propelling a generation through sports,” said Suvir Sujan, Co-founder, Nexus Venture Partners.
The investment by Nexus Venture Partners follows a successful funding round for Agilitas Sports earlier this year. Convergent Finance, an investment management and advisory partnership led by Harsha Raghavan, made a substantial investment of Rs 400 crore in the startup.
Agilitas also recently announced the acquisition of B2B footwear manufacturing firm Mochiko Shoes for an undisclosed amount.
“Our initial acquisition, Mochiko Shoes, was very integral to our overall business model. It’s on track to generate nearly Rs 800 crore in revenue this year, and the growth is impressive. We’re optimistic about the year ahead for our company,” said Ganguly.
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Other co-founders of Agilitas Sports include Atul Bajaj (Former Executive Director–Sales and Operations, PUMA India) and Amit Prabhu (Former Chief Financial Officer, PUMA India).
“We strongly believe in manufacturing in India and being close to the market. The acquisition of Mochiko is a biggest demonstration of this belief, as we now manufacture for numerous global brands. It stands as a key pillar in our overall strategy,” added Ganguly.
Edited by Megha Reddy
