Late last year, founders Jayam Vohra and Satyam Trivedi established PlayBlue to build a sports retail experience that combines the world's best brands, expert-guided retail stores, and online convenience under one roof. This launch was part of a larger boom in India’s sports ecosystem, which has recently drawn significant venture capital.
According to documents filed with the corporate affairs ministry, PlayBlue raised nearly ₹21 crore in its seed round on 20 June. The round was backed by a clutch of investors, including Centre Court Capital, MIXI Global Investments, and WEH Ventures, alongside angel investors Abhishek Goyal, Arjun Vaidya, Roman Saini, Manoj Parikh, and Nishant Mehta. Emails sent to the companies and individuals did not elicit a response till the time of publishing.
Both Vohra and Trivedi have been in the sports ecosystem for more than a decade. Trivedi had stints at GMR Sports, RPSG Sports and Adani Sports, while Vohra built Fitternity, a services marketplace for fitness and health, which was eventually sold to Curefit in 2021, according to their LinkedIn profiles.
In a similar tangent, Mumbai-based Total Sports & Fitness is also preparing plans to raise around ₹100 crore for its expansion, and has roped in Lodha Capital Markets as an advisor to help with the process, its founder Niteen Shah told Mint.
The company, which has been selling products for more than two decades, has seen most of its growth in the past four years. It sells sports & fitness equipment, accessories, sportswear, and nutritional supplements. It also sets up gyms, and sports, fitness and recreational facilities.
“We also launched our own brand about three years ago and its contribution to our overall revenue has increased from 3% to 21% last year. We expect it to reach 30% in the next two years,” Shah said.
With a network of 23 stores across 13 cities in 6 states, the company operates through three key business verticals – retail stores, B2B solutions, and e-commerce. “While we are present on marketplaces such as Flipkart and Amazon, we also plan to relaunch our own website in a big way and integrate AI to guide customers according to their needs. We want to develop a strong omni-channel approach,” Shah added.
Total Sports already has more than two million customers and a portfolio of more than 100 global and domestic brands, including SH, SS, Gray Nicolls, Wilson, Head, Nike, Adidas, Puma, Yonex, Speedo and Asics.
The company counts Chandrakant Gogri – the founder and chairman emeritus of specialty chemical manufacturer Aarti Group as an investor and has seen its revenue grow by nearly three times over the last four years to about ₹100 crore in FY26.
A sporting chance
India’s sports market was worth $37 billion in 2023, and is expected to touch $99 billion in the next four years, clocking a compound annual growth rate (CAGR) of 15%, a report by Lodha Capital Markets said. Much of this growth is expected to be driven by the growing share of organized retailers, rising disposable income, and increased awareness around health and nutrition.
Lodha’s report noted that with the US, Europe, and other Asian countries housing the top 100 to 150 sports retailers globally—each generating over $100 million in annual revenue—there is a similar opportunity to replicate this global retail success in India.
It highlighted that large conglomerates such as JSW, Reliance, Tata and Vedanta are stepping up their investments in sports. Moreover, new sports like pickleball and paddle are gaining momentum, while the success of the pro kabaddi & ISL leagues is driving demand for specific, non-cricket stadiums.
“Sports is rapidly evolving into a lifestyle choice and serves as a high-engagement community building tool, and that is fundamentally changing how India shops,” said Paras Shah, partner & co-head of investment banking at Lodha Capital.
“Consumers are now demanding a professional and structured retail environment for their sporting & fitness needs. Much like the transition observed in mature categories—including groceries, fashion, dining, and lifestyle retail—the Indian sports retail market is moving toward formal organization.” He added that increased government and corporate investment in world-class sports infrastructure is also formalizing the ecosystem.
Earlier this year, Agilitas ventured into the sports retail segment through Sportsyard, a roughly 40,000 sq ft multi-brand retail format bringing brands including Nike, Adidas, New Balance, ASICS, Puma and Skechers together under one roof. Its sole Sportsyard outlet in Bengaluru turned profitable within two months of launch, according to its founder Abhishek Ganguly. The company plans to open 10 more stores by the end of the current financial year and a multi-brand retail outlet in October that will house its own brands while introducing some global names to India.
Last month, Agilitas raised about ₹225 crore in a funding round led by Nexus Venture Partners, with participation from new investor Nithin Kamath's Rainmatter. It is also backed by strategic investors including Virat Kohli, who has invested ₹40 crore in the platform, along with Anushka Sharma, who is also the co-creator for the yoga vertical, Yuvraj Singh, Hardy Sandhu and Abhishek Sharma.
The company is now in the advanced stages of acquiring Sports365, a company that helps in retailing sports accessories and equipment, Moneycontrol reported earlier this week. Founded by former Puma executives in 2023, the company has scaled quickly through acquisitions and an expanding retail footprint. It posted ₹1,015 crore in revenue in FY25 from ₹728 crore a year earlier.