Agilitas, the sporting goods manufacturing company, is in advanced stages of raising Rs 450 crore (around $50 million) from Nexus Venture Partners, one of its key existing investors, as the firm looks to expand its product portfolio, sources told Moneycontrol.
“While the commitment is in, the amount will be wired to Agilitas in two tranches of $25 million (Rs 225 crore) each,” one of the persons cited above said. While Agilitas will use the funds to launch new products, largely under Lotto, for different age groups, it will also use the funds for its research and expedite its offline push.
The round values Agilitas at around $400 million (about Rs 3,500 crore), per sources.
Agilitas and Nexus Venture Partners did not immediately reply to Moneycontrol’s queries.
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The deal comes about two years after Nexus had invested Rs 100 crore, which was shortly after it invested in Agilitas’ Seed round.
This is also Agilitas’ latest fundraise in a span of six months or so. In June Moneycontrol had exclusively reported the company had raised Rs 40 crore from cricketer Virat Kohli as part of a larger round.
Prior to that, Agilitas had raised an undisclosed sum from Spring Marketing Capital. So far, excluding the current round, the company has raised over Rs 650 crore ($75 million) from a clutch of investors.
Agilitas aims to create an end-to-end chain of all things related to sports, from manufacturing to retail, and what it cannot build in-house it will acquire companies that have expertise in the field. In 2023, Agilitas acquired Mochiko Shoes, that company that manufacturers shoes for brands such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo, among others.
Agilitas also acquired the licensing rights for Lotto, an arrangement that allows the company to sell its shoes in India and a few other regions. While Lotto will be one of the many brands Agilitas will run, it plans to introduce at least three other brands including Kohli's One8.
Agilitas is led by former Puma India and Southeast Asia MD Abhishek Ganguly. Atul Bajaj, former executive director–sales and operations, Puma India, and Amit Prabhu, former chief financial officer, Puma India, are co-founders of the company.
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