The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore and Rs 30 crore have come from individual investors
New Delhi: Three outgoing top management officials of Puma India, including managing director Abhishek Ganguly, on Monday announced the launch of an entrepreneurial venture Agilitas Sports and their plan to raise Rs 430 crore.
The other two are Atul Bajaj, executive director sales and operations of Puma India, and Amit Prabhu, chief financial officer of Puma India.
Agilitas Sports is a sportswear and athleisure solutions platform that aims to invest in the core fabric of the Indian sports ecosystem, the statement said.
The funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore and Rs 30 crore have come from individual investors, it added.
Ganguly said: “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 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,” he added.
Harsha Raghavan said: “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. 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 50 per cent in mature markets.
“At the same time, the current total footwear market of approximately Rs 11,000 crore is projected to grow at about 13 per cent CAGR up to 2030,” it said.
Last week, German footwear and apparel major Puma has announced the appointment of the company’s Global Director of Retail and e-Commerce Karthik Balagopalan as the new Managing Director for India.
Balagopalan (42) will replace Ganguly who worked for Puma’s Indian business for 17 years and has been the managing director of Puma India since 2014.
Ganguly will remain at Puma until the end of August to ensure a smooth transition, it added.