For his new business Agilitas Sports, Abhishek Ganguly has raised Rs 430 crore, or $52 million, in its initial round of finance. Ganguly, the German sports and clothing company's departing managing director for India and Southeast Asia, will leave in August. Convergent Finance LLP, helmed by Harsha Raghavan, a former executive of Fairfax India, has invested around Rs 400 crore of the whole amount. Individual investors provided the remaining funds.

At a time when companies are finding it difficult to obtain money because of the continuing market correction, this is a sizable financing. that Ganguly was leaving and that he intended to begin last week. Colleagues of Ganguly at Puma India include executive director of sales and operations Atul Bajaj, executive director of sales and operations, and Amit Prabhu, chief financial officer, are Ganguly's former coworkers at Puma India and cofounders of the new business.

Focus areas - Ganguly, his new company would seek for partnerships and investments throughout the sports ecosystem, from production to retail to technology. He noted that footwear accounts for up to 70% of the sportswear business and will be a key area of concentration for the startup's team.

I will directly be involved at an operational level to construct and scale them as we make strategic bets in the sports ecosystem. If not initial full acquisitions, these deals would include majorities of the shares. The footwear market will receive a lot of attention, according to Ganguly. Speaking about the kinds of businesses or brands Agilitas Sports is searching for, he said, "We will focus on offering the right sportswear products with good quality, and an aspirational value."

While ventures such as Mensa Brands and Globalbees have a similar approach in building a ‘house of brands’ play to invest and scale up, Ganguly said Agilitas won’t be investing in rival firms within the sportswear segment. “We are looking at the whole sports ecosystem but we won’t invest in two similar companies competing against each other,” he added. Explaining the funding rationale, Raghavan, managing partner at Convergent, said: “Their (Agilitas) strong leadership capabilities are complemented by their skill in identifying consumer trends early. They are exactly the kind of passionate entrepreneurs whose ideas we love to back with our capital. Convergent will work with Agilitas in the areas of operations, capital allocation, and long-term business strategy.”

A successful stint at Puma - After more than 17 years at Puma, Ganguly founded the new company. He had begun working for the German footwear and clothing company's Indian division in 2005, and by 2014, he had been promoted to managing director.

Puma's revenues increased five-fold under his leadership, from Rs 600 crore in 2014 to about Rs 3,000 crore in the most recent fiscal year. It outsells competitors Adidas, Nike, and Reebok combined, making it the biggest sports brand in the nation. Ganguly, an IIM Lucknow alumni, oversaw Puma's aggressive retail expansion plan that increased the company's overall door count from 150 to over 480 outlets during his nine years in charge. Additionally, he is a limited partner, or LP, with Stellaris Venture Partners, an early-stage investment fund, and a member of the Indian Angel Network.

A fast-growing market - Retailers Association of India, sports goods and footwear saw the largest growth within the lifestyle and discretionary segments previous fiscal year, increasing by 41% and 34% respectively over (pre-pandemic) 2019.

India is the most populous country in the world, making it one of the largest and fastest-growing worldwide markets for sports businesses. In India, companies like Reebok, Adidas, Nike, and Puma have been in business for more than 20 years. These companies have expanded through marketing their products through agreements with cricket teams and other athletic events.