Mumbai: As is known, Puma India & Southeast Asia MD Abhishek Ganguly is set to leave the company after an almost two-decade-long stint. Ganguly, a noted sports business leader, along with co-founders Atul Bajaj and Amit Prabhu have announced their entrepreneurial venture – Agilitas Sports – an innovation-led sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem. The founding team of Agilitas Sports comprises Ganguly, Atul Bajaj, the outgoing executive director – sales and operations of PUMA India, and Amit Prabhu, the outgoing chief financial officer of PUMA India.
The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crores and Rs 30 crores have come from individual investors.
Announcing the venture, Agilitas Sports founder Abhishek 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.”
Convergent Finance LLP managing partner Harsha Raghavan 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 per cent of the overall footwear market and is the fastest-growing segment. Its share is trending towards the global averages of over 30 per cent in emerging markets and over 50 per cent in mature markets. At the same time, the current total footwear market of approximately Rs 110 billion is projected to grow at about 13 per cent CAGR up to 2030.
