Funds advised by Convergent Finance LLP, an investment management and consulting partner led by Harsha Raghavan, invested Rs 400 million and Rs 30 million came from individual investors.
New Delhi: Three outgoing top management officials of Puma India, including chief executive officer Abhishek Ganguly, on Monday announced the launch of the Agilitas Sports business venture and its plan to raise Rs 430 crore. Surname.
The other two are Atul Bajaj, managing director of sales and operations of Puma India, and Amit Prabhu, chief financial officer of Puma India.
Agilitas Sports is a sportswear and sportswear solutions platform that aims to invest in the core fabric of India’s sports ecosystem, the statement said.
Funds advised by Convergent Finance LLP, an investment management and consulting partnership led by Harsha Raghavan, invested Rs 400 crore and Rs 30 crore coming from individual investors.
“Agilitas Sports aims to disrupt and redefine the sportswear industry by seamlessly integrating innovation and technology across the product value chain from factory to retail shelf,” said Ganguly.
He added: “With a strong focus on customer experience and customer centricity, we strive to build meaningful communities in India’s sports and apparel sector. , and at the same time becoming a catalyst towards a healthy and robust India”.
Harsha Raghavan said: “With great new opportunities in the Indian sportswear market due to our nation’s focus on fitness as well as ‘Made in India’, we believe Agilitas is great represents the next step in developing India’s consumer story. Convergent will work with Agilitas in the areas of operations, capital allocation and long-term business strategy.”
Currently, athletic footwear accounts for 16% of the overall footwear market and is the fastest growing segment.
Its market share is moving towards a global average of more than 30% in emerging markets and 50% in mature markets.
“At the same time, the total current footwear market of around Rs 11 trillion is predicted to grow at a CAGR of around 13% through 2030,” it said.
Last week, German footwear and apparel giant Puma announced the appointment of the company’s Global Head of Retail and E-commerce Karthik Balagopalan as its new Managing Director for India.
Balagopalan (42) will replace Ganguly, who has been with Puma’s India business for 17 years and has been the managing director of Puma India since 2014.
Ganguly will stay in Puma until the end of August to ensure a smooth transition.
