Spring Marketing Capital picks up stake in Agilitas Sports for an undisclosed sum

Agilitas founders from L to R: Amit Prabhu, Abhishek Ganguly and Atul Bajaj

Agilitas Sports, a sportswear and athleisure platform, has raised an undisclosed amount from Spring Marketing Capital, an investment firm that offers capital and marketing expertise to the founders it partners with. Although the two companies did not disclose further details about the deal, the growth-stage fund typically invests Rs 7-15 crore in each of the companies it backs. It is likely that it has invested a similar amount in Agilitas in the current round.

The fresh investment into Agilitas comes after it raised Rs 430 crore from Convergent Finance LLP in May 2o23 and another Rs 100 crore from Nexus Venture Partners in December last year. While the previous rounds were typical equity fundraises, the one with Spring Marketing Capital is a slightly different one, according to Abhishek Ganguly, CEO & co-founder, Agilitas Sports.

“This strategic partnership with Spring Marketing Capital stands apart because it's not just about capital infusion; it's about fostering strong brands from the ground up. With Spring’s expertise in strategic marketing and capital investment, we are confident to meet the growing demands of the Indian market and cater to our trusted consumers,” Ganguly said in an interview with Moneycontrol.

Agilitas is set to launch a series of products beginning next year. Meanwhile, in the run up to those launches, it wants to establish itself as a dominant player in the sportswear market. India’s footwear market is worth Rs 11,000 crore and is projected to record a CAGR of 13 percent till 2030. Sports footwear accounts for 16 percent of the footwear market and is the fastest-growing segment, the company said.

To become a full stack sports company, Agilitas also recently acquired Mochiko, a footwear manufacturer. The company also acquired long term exclusive rights to Italian footwear brand Lotto in India, South Africa and Australia, and has announced plans to invest across manufacturing, R&D, marketing, and distribution.

“The sports industry is ripe for disruption, no brand has done it in the past but we know Agilitas will be the one – that is the power of the brand. What truly attracted us to this partnership is Agilitas' ambitious vision to achieve something remarkable on both domestic and international stages. Abhishek’s deep-rooted belief in the power of branding aligns seamlessly with our values, making this collaboration a perfect fit,” Vineet Gupta, Founder and Partner, Spring Marketing Capital told Moneycontrol in an interview.

Spring Marketing Capital’s growth-stage fund, launched in 2020, has made 10 investments, including Purplle, Mosaic Wellness, Niyo, Jar, and Giva. Its early-stage fund, launched in 2023, has made five investments, including Hyugalife and Cava, and is backed by investors such as Godrej Consumer Products Limited and Cipla.