Virat Kohli opens Agilitas innings with Rs 40-crore investment in first tranche

For Kohli, Agilitas is yet another investment that has become a part of his growing startup portfolio.

Virat Kohli has invested Rs 40 crore in Agilitas, the sporting goods manufacturing company started by former Puma India head Abhishek Ganguly, sources told Moneycontrol, as the cricketing legend continues to build on a business relationship he started years ago.

As the managing director of Puma India, Ganguly had played a key role in roping in Kohli as the company's brand ambassador. The Rs 110-crore contract, which began around 2017 was reportedly in place for eight years, until 2025. Earlier this year, Kohli, who was set to renew his contract, now worth Rs 300 crore, walked out of the deal and chose to go with Agilitas.

In his new role, Kohli will be more than a brand ambassador. He will put in money in exchange for ownership in Bengaluru-based firm and also play an active role in shaping Agilitas.

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 arrangment 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, ensuring his active role in the company's scale up.

The backing will also drive up sales which will increase the valuation of the company and, ultimately, also the value of Kohli’s investment, which gives him increased conviction to invest in the company, sources said.

“Kohli’s initial investment of Rs 40 crore is just the first tranche of a larger round. He is set to invest more money personally into the company and increase his involvement with Agilitas,” one of the persons cited above told Moneycontrol.

Kohli has been issued around 3.6 lakh Class 2 Compulsorily Convertible Preference Shares (Class 2 CCPS), the source added. These preference shares are mandatorily convertible into equity shares at a later date, unlike optional convertible shares where conversion is at the holder's discretion.

Kohli and Agilitas did not reply to Moneycontrol’s queries.

For Kohli, Agilitas is the latest addition to his growing startup portfolio. The cricketer has backed over 10 new-age companies, including Digit Insurance, MPL and Wrogn.

For Agilitas, this will be yet another round after Spring Capital, Nexus Venture Partners and other investors put in money. The company has raised nearly Rs 600 crore from a clutch of investors, including former cricketer Yuvraj Singh, in under two years.