Decathlon India’s wholesale business has grown from a sideline into a meaningful growth engine. After expanding 20-fold in five years to currently contribute about 10% of India revenue, the French sporting goods retailer is eyeing the country's under-penetrated markets for its next leg of growth, wholesale director Raghwendra Singh told Mint in an interview.
Decathlon's next leg of business-to-business (B2B) growth could come from primary schools, smaller cities, government sports programmes and sporting communities, he said. Over 80% of India’s population lives beyond tier-1 cities, Singh said, pitching ‘Bharat’—or India beyond the metros—as a significant frontier for the retailer’s wholesale business.
In the retail space, Decathlon India has over 100 stores across tier-1 and -2 cities such as Hubli, Mangalore, Meerut and Rajkot.
“Double-digit growth is what we are looking at," Singh said without detailing a growth range for the B2B business. "If we can grow in line with the pace of the market, that would be great,” he said.
The sporting goods retailer is looking to broaden its enterprise business beyond its traditional base of institutional and bulk sales in order to reach more consumers through India’s expanding sports and wellness ecosystem.
The company is looking beyond large corporate accounts to schools, smaller businesses, defence organisations, government programmes, clubs, sporting institutions and residential communities, while leveraging its retail, digital and partner networks to expand the reach, Singh said.
The shift in corporate behaviour since the covid-19 pandemic has been particularly significant for the business, he said. Companies that traditionally gave employees electronics or household products as gifts are increasingly turning to sporting goods, wellness products and gift cards that allow employees to choose equipment based on their interests.
Decathlon India’s operating revenue grew by a marginal 3% to ₹4,133 crore in FY25, and it slipped into a net loss of ₹65 crore from a profit of ₹197 crore in the previous year, according to filings made with the registrar of companies. The FY25 losses were largely on account of increased investments for expansion of stores and manufacturing capacity in line with its €100 million investment target.
Decathlon now looks to significantly scale its India business over the next four years. It has announced plans to double revenue to ₹8,000 crore, hire 2,500 people and invest €100 million in the country by 2030.
India’s sports goods market is projected to grow from $52 billion in 2024 to $130 billion by 2030, per a November 2025 report by Deloitte and Google.
Schools and Bharat
Schools are expected to become one of the more significant opportunities. Singh said Decathlon is keen to work at the grassroots level in India, particularly with primary schools, where access to good-quality sporting equipment could help children discover and sustain an interest in sport.
“The biggest gap is ensuring that children at the primary school level have access to good-quality sports products,” Singh said. “If they can discover their passion for a sport at that age, we want to be part of that journey.”
In B2B, Decathlon works with over 20,000 partners across India, Singh said, ranging from large companies to local organizations. About 40% of B2B revenue comes from tier-2 and -3 cities, reflecting the growing contribution of markets outside India’s largest urban centres.
In these markets, Decathlon sees micro, small and medium enterprises (MSMEs) as a potential source of corporate wellness and sporting demand even in the absence of large multinational employers. The retailer has expanded its distribution footprint through multiple channels, delivering products in over 300 cities through its own B2B platform, external marketplaces, quick-commerce channels and platforms serving government and armed-forces customers.
Government-led efforts to promote sport could provide another avenue for growth. Singh pointed to programmes such as Hello India and preparations around future sporting events, as well as opportunities to supply sporting equipment through government channels. The company is also looking at defence organizations and Armed Forces ecosystems as part of its institutional reach.
Local sporting ecosystems are also seen as potential revenue drivers. Clubs and sporting institutions are already part of Decathlon's B2B business, while residential welfare associations and gated communities represent another potentially large market.
“Gated communities are a vast segment for us. We are actively reaching out to resident welfare associations to see how Decathlon can become part of their sporting ecosystem, whether that is swimming or other facilities,” Singh said.
India’s fitness market is also undergoing premiumization with digital-first brands such as Cult.fit, Boldfit, and Flexnest building businesses around fitness equipment, activewear and wellness products. Brands such as Shiv-Naresh, Nivia and Nivex are popular in the bulk procurement space.
Singh said the company does not view premium brands as competitors, arguing that greater participation ultimately expands the market for all players.
“Our aim is to get more and more people playing sports. And as we do that, delivering quality products at value-for-money prices will remain our priority,” he said.