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Agilitas Sports, a sports company, has received funding of Rs 100 crore from Nexus Venture Partners, a venture capital firm partnering with entrepreneurs building product-first companies in India and the US.
"They have a firm belief in our mission to build the largest sports company from India poised for global impact,” said Abhishek Ganguly, chief executive officer (CEO) and co-founder of Agilitas Sports. “We want to contribute towards the growing sports culture in the country by building robust manufacturing capabilities fuelled by strong R&D centres, product design labs, and brands that resonate with consumers.”
The strategic investment by Nexus Venture Partners follows a successful funding round for Agilitas Sports earlier this year. Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, made a substantial investment of over Rs 400 crore in the startup.
“India is one of the fastest-growing economies in the world where more Indians are moving towards an active and health-conscious lifestyle,” said Suvir Sujan, Nexus Venture Partners. “Therefore, we are aligned with the vision of the company.”
Sport comprises 16 per cent of the Indian footwear market and is the fastest-growing segment. The Government’s push to ‘Make in India’ for the world and transform India as a major global sourcing hub, coupled with a fast-emerging aspirational demand for fitness and athleisure culture, is opening up opportunities for Agilitas.
The firm recently acquired Mochiko Shoes, one of India’s largest sports footwear manufacturers, for an undisclosed amount. Mochiko, which was established in 2008, reported revenue of Rs 642 crore in financial year 2023 and is estimated to grow 30 per cent year-on-year (Y-o-Y).
