BENGALURU: Outgoing managing director of PUMA India and South East Asia Abhishek Ganguly, along with two other outgoing executives from PUMA India, have launched a sportswear and athleisure solutions platform called Agilitas Sports.
They have raised Rs 430 crore (USD 52 billion). Convergent Finance has invested Rs 400 crore and the rest came from individual investors. Abhishek Ganguly, Founder of Agilitas Sports, 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.”
Currently, sports footwear accounts for 16% of the overall footwear market and is the fastest-growing segment. Its share is trending towards the global averages of over 30% in emerging markets and 50% in mature markets, according to reports. The current total footwear market of approximately Rs 110 billion is projected to grow at about 13% CAGR up to 2030.
The start-up’s other partners are Atul Bajaj, the outgoing Executive Director – Sales and Operations of PUMA India, and Amit Prabhu, the outgoing Chief Financial Officer of PUMA India.