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February 24, 2024 5:13 am

Outgoing Puma India MD Abhishek Ganguly raises Rs 430 crore for his startup

The Fact News Service
New Delhi, May 16

Ex-Puma MD Abhishek Ganguly, along with co-founders Atul Bajaj and Amit Prabhu, has announced their entrepreneurial venture – Agilitas Sports. This innovation-led sportswear and athleisure solutions platform aim to invest in the core fabric of the Indian sports ecosystem.

The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crores and Rs 30 crores have come from individual investors.

The founding team of Agilitas Sports comprises of Abhishek Ganguly, the outgoing Managing Director of Puma India and South-East Asia, Atul Bajaj, the outgoing Executive Director – Sales and Operations of Puma India, and Amit Prabhu, the outgoing Chief Financial Officer of Puma India.

Announcing the venture, Ganguly said, “With a hyper-focus on customer experience and customer-centricity, we endeavor to build meaningful communities in the Indian sports and sportswear space and be a catalyst towards a fit and athletic India.”

Raghavan said, “Abhishek, Atul, and Amit have an outstanding track record of building a sports and athleisure-focused business from scratch to become India’s largest. Their strong leadership capabilities are complemented by their skill in identifying consumer trends early. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.”

Currently, sports footwear accounts for 16 per cent of the overall footwear market and is the fastest-growing segment. Its share is trending towards the global averages of over 30 per cent in emerging markets and over 50 per cent in mature markets. At the same time, the current total footwear market of approximately Rs 110 billion is projected to grow at about 13 per cent CAGR up to 2030.

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