Agilitas Sports has raised ₹225 crore in a funding round led by Nexus Venture Partners, with participation from new investor Nithin Kamath's Rainmatter, as the sportswear platform prepares to expand its manufacturing, brands and retail footprint amid growing demand for athletic apparel in India.
The fresh capital, which includes a ₹25 crore investment from Rainmatter, will be used to accelerate Agilitas' long-term growth strategy across manufacturing, brand building, retail expansion and technology, co-founder Abhishek Ganguly told Mint in an interview.
“We are very bullish on building a billion-dollar revenue outcome in India with a sustainable and profitable foundation. The country is growing tremendously as people are playing more and wearing sportwear across multiple occasions like schools, colleagues, airports, offices and even parties,” Ganguly said, adding that there is a rising demand for products like sneakers and athleisure.
The latest round follows an earlier ₹100 crore investment from Nexus Venture Partners and ₹400 crore raised from funds advised by Convergent Finance LLP in 2023.
Founded in 2023 by former Puma executives Ganguly, Atul Bajaj and Amit Prabhu, Agilitas is building a vertically integrated sportswear business spanning manufacturing, research and development, brand creation, retail and distribution.
“The idea was to create a differentiated business model in the sportswear ecosystem. We never wanted to be in one single area. Over the last 2.5 years, we have built our business around manufacturing, distribution and retail and also made acquisitions to strengthen our presence,” Ganguly said.
The company has used acquisitions, brand partnerships and retail expansion to build out that platform.
Its manufacturing business was bolstered through the acquisition of Mochiko in 2023. Mochiko, which counts global brands such as Adidas, Puma and Skechers among its clients, increased revenue from ₹642 crore in FY23 to ₹1,350 crore in FY26. The facility manufactures both owned and partner sports footwear brands across categories.
About two years later, Agilitas launched Lotto in India, which Ganguly said has gained strong traction across channels. Later this month, the company plans to launch One8, the high-performance sportswear brand co-founded with cricketer Virat Kohli and focused on innovation, functionality and performance-led design.
The company has also moved into sports retail through Sportsyard, a roughly 40,000 sq. ft multi-brand retail format bringing together brands including Nike, adidas, New Balance, ASICS, Puma and Skechers under one roof.
Its sole Sportsyard outlet in Bengaluru turned profitable within two months of launch, according to Ganguly, and the company plans to open 10 more stores by the end of the current financial year.
In FY25, the company's consolidated revenue rose to ₹1,015 crore from ₹728 crore a year earlier. It reported a loss of ₹86.1 crore compared with a profit of ₹76 lakh in FY24, according to filings sourced by Tofler from the Ministry of Corporate Affairs.
Expansion push
“In a short period of time, the company has built meaningful scale in manufacturing, unlocked exciting brand opportunities and demonstrated early success in retail,” Suvir Sujan, co-founder and partner at Nexus Venture Partners, said in a statement.
“We believe India will build large, enduring businesses in sports and fitness as more people take up movement and active lifestyles. Agilitas is building for that shift with a performance first focused sportswear brand. The team brings deep experience across retail, supply chain, design, and R&D,” Rainmatter's Kamath added.
Agilitas 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. Ganguly said 58 employees participated in an internal investment round in 2025.
The company is planning to launch a multi-brand retail outlet in October that will house its own brands while introducing some global names to India.
“This will probably be the biggest in terms of number of stores we will open as India does not have a sizeable presence in multi-brand sports retail as compared to other countries like the US or Europe,” Ganguly said.
The expansion comes as India's sportswear market benefits from rising consumer spending on fitness and active lifestyles. India's sports ecosystem is expected to reach $130 billion by 2030, according to a 2024 report by Google and Deloitte. The report estimates the sports goods and apparel market will double to $58 billion by 2030.
With a projected compound annual growth rate of 14%, nearly double India's GDP growth rate, the sector is being driven by government investment, the rise of a multi-sport culture, broader digital adoption and increasing consumption of sports content.
