Activewear and fitness accesories producing startup TechnoSport has bagged Rs. 175 crore, which is equal to $21 million from A91 Partners. This is the first external fundraise for the 17-year-old company.In an official press release, the startup has declared that,they are planning to enhance its manufacturing capabilities, being focused on digital brand building, and marketing. The newly injected funding will also support the expansion of TechnoSport’s sales and distribution channels.

The company was founded by Puspen Maity,whose sole idea was to offer high-performance apparel which is customized for the Indian market at affordable prices. Its network spans across 15 states and over 5,000 active retailer touchpoints.

Throughout the past three years of its operation, TechnoSport claims to have maintained an average growth rate of between 30% and 40%, cementing its position as a key player in the activewear segment. Apart from India, TechnoSport operates in South Africa and the UAE.

The Indian sports apparel market was valued at $673.34 million in 2022 and is expected to grow at a CAGR of 16.2% to reach $1.92 billion by 2029. TechnoSport aims to capture 10% of the market share.

TechnoSport’s operating revenue spiked 28% to 287 crore in FY23 from Rs 224 Crore in FY22. At the same time, the company’s profits jumped more than 2X to Rs 29.26 crore during the period.

Among the other venture capital funded companies, TechnoSport will compete with Agilitas Sports, a newly launched startup founded by former Puma India managing director Abhishek Ganguly. Agiltas has already extracted more than $60 million across two rounds from a fund managed by Convergent Finance LLP and Nexus Venture Partners.

The company also competes with Zymrat which was acquired by D2C fashion and lifestyle brand Styched in September last year.

Co-Founder & Managing Director at TechnoSport, Sunil Jhunjhunwala said,"We are excited to welcome A91 Partners aboard as we embark on our mission to democratize high-quality activewear not just for Indians, but for a global audience. This infusion of funding will serve as a catalyst, empowering us to bolster our manufacturing infrastructure and amplify our digital brand presence. With this support, we are poised to extend our reach across borders, strengthening India's imprint on the global map and inspiring countless individuals worldwide to embrace an active lifestyle."

Sumit Santhalia, Co-Founder & Director at TechnoSport commented, "TechnoSport's mission is to debunk the misconception that premium performance wear comes with a heavy price tag. We are dedicated to delivering top-notch performance wear at prices within reach, empowering every Indian to adopt an active lifestyle. With plans to establish 100 Exclusive Brand Outlets in the coming years, we are poised to expand our accessibility across the nation. The backing from A91 Partners will propel our journey, expediting our growth and bringing us closer to realizing our vision of making quality activewear accessible to all.”

As per Abhay Pandey, General Partner at A91 Partners, “Technosport has demonstrated that high-quality activewear can be made in India and they are on a path to democratizing access to the category. This investment represents our confidence in their ability to disrupt and significantly expand the activewear market and create meaningful impact."