Puma India’s top execs raise funds for new biz

Puma India’s departing executives, led by managing director of India and South East Asia, Abhishek Ganguly, have launched Agilitas Sports—a platform dedicated to sportswear and athleisure solutions. Agilitas Sports seeks to work across the entire value chain of sports clothing and footwear in India.

To fund it venture, the company has raised ₹400 crore via multiple funds of Convergent Finance LLP, an investment management company led by Harsha Raghavan, besides ₹30 crore from individual investors, Agilitas said. Its founding team comprises Ganguly who is set to quit Puma India in August, besides Atul Bajaj, the outgoing executive director for sales and operations, and Amit Prabhu, the outgoing chief financial officer.

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

Convergent will work with Agilitas for operations, capital allocation and long-term business strategy, Raghavan said.

“The entire value chain of sports in India has to be managed in an integrated end-to-end way as there is an opportunity in all parts of the value chain,” Ganguly said..

Right from manufacturing where there is a lot going to happen for Indian manufacturing as we look at becoming an alternative sourcing base to China. On the other hand, even on the distribution and retail side there is a huge opportunity,” Ganguly said an an interview with Mint.

To be sure, the country’s sportswear and footwear industry has grown over the last few years as consumers pay more attention to fitness and participate in sporting activities beyond cricket. Meanwhile, the pandemic also prompted more consumers to pick comfort clothing and sneakers beyond formal and occasion wear. By 2030—the market for sportswear will quadruple, said Ganguly.

Last week, Mint had reported that Ganguly is set to leave the sportswear retailer after a nearly two-decade long stint with plans to start his own venture in the larger sportswear space. Puma has announced Karthik Balagopalan as Ganguly’s successor; Balagopalan is currently global head of e-commerce and retail for Puma globally.

“Abhishek, Atul, and Amit are exceptional professionals and 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. They are exactly the kind of passionate entrepreneurs whose ideas we love to back with our capital. With the amazing new opportunities in India’s sportswear market given our nation’s focus on fitness as well as ‘Made in India’, we believe that Agilitas represents the next step in the evolution of India’s consumer story,” said Raghavan.