Outgoing Puma India executives launch Agilitas Sports, raise ₹430 crore

Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, has advised several funds that invested ₹400 crore in Agilitas Sports. Around ₹30 crore has come from individual investors.

The founding team of Agilitas Sports comprises Ganguly who is set to leave Puma in August, Atul Bajaj, the outgoing executive director, sales and operations, Puma India, and Amit Prabhu, the outgoing chief financial officer at the sportswear retailer.

“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,” said Ganguly, founder, Agilitas Sports.

Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy, said Harsha Raghavan, Managing Partner, Convergent Finance LLP.

Ganguly said besides working across the entire value chain of the sports footwear and apparel ecosystem, the company will invest in digital assets. “The entire value chain of sports in India has to be managed in an integrated end-to-end way because there is an opportunity in all parts of the value chain. Right from manufacturing where there is a lot going to happen for Indian manufacturing as we look at becoming an alternative sourcing base to China. On the other hand, even on the distribution and retail side there is a huge opportunity,” Ganguly said in an interview with Mint.

To be sure, the country’s sportswear and footwear industry has grown over the last few years as consumers pay more attention to fitness and participate in sporting activities beyond cricket. Meanwhile, the pandemic also prompted more consumers to pick comfort clothing and sneakers beyond formal and occasion wear. By 2030—the market for sportswear will quadruple, said Ganguly.

Ganguly said the market for such clothing and footwear is only set to grow.

“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,” said Raghavan.