Nexus Venture invests Rs 100 crore in Agilitas Sports

From research to manufacturing and then retail, Agilitas is a full stack solutions company for sporting equipment.

Sporting equipment startup Agilitas Sports, founded by former Puma executives, said on December 13 it raised Rs 100 crore from Nexus Venture Partners.

The fresh capital infusion come months after Agilitas raised Rs 430 crore in its maiden funding round from Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan.

Agilitas, led by former Puma India and Southeast Asia MD Abhishek Ganguly, said its fundraise, among the largest for startups in the early stage, was needed to bolster its manufacturing capabilities.

From research to manufacturing and then retail, Agilitas is a full stack solutions company for sporting equipment.

"Nexus Venture Partners has a firm belief in our mission to build the largest sports company from India poised for global impact. We want to contribute towards the growing sports culture in the country by building robust manufacturing capabilities fuelled by strong R&D centres, product design labs and brands that resonate with consumers,” Ganguly said.

India’s footwear market is worth Rs 11,000 crore and is projected to grow at 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.

That perhaps explains why Agilitas acquired Mochiko Shoes Pvt Ltd in an all-cash deal, its first-ever transaction since inception. Mochiko Shoes registered a revenue of Rs 642 crore in FY23 and is a contract-manufacturing partner to leading international brands, such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo.

“India is one of the fastest growing economies in the world where more Indians are moving towards an active and health-conscious lifestyle. Therefore, we are aligned with the vision of the company of Agilitas for Propelling a Generation through Sports,” Suvir Sujan, Nexus Venture Partners, said.

Atul Bajaj, former executive director–sales and operations, Puma India, Amit Prabhu, former chief financial officer, Puma India, are Ganguly’s co-founders.