Former Puma India and Southeast Asia Managing Director, Abhishek Ganguly – along with two other top outgoing Puma officials – have announced the launch of a new sportswear and athleisure startup, Agilitas Sports.
The other two ex-Puma India officials accompanying Abhishek Ganguly are Amit Prabhu, (outgoing) Chief Financial Officer, Puma India and Atul Bajaj, (outgoing) Executive Director Sales & Operations, Puma India.
Investment management and advisory partnership, Convergent Finance LLP, led by Harsha Raghavan, has invested Rs 400 crore in Agilitas. The remaining Rs 30 crore came from individual investors, as per reports.
As per a statement released by the newly formed startup, Abhishek 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.
Last week, Puma had announced the elevation of Karthik Balagopalan to the post of MD, Puma India.