Performance wear brand TechnoSport has successfully raised Rs 175 crore ($21 million) from A91 Partners in its first external fundraiser. This strategic investment marks a significant milestone for the 17-year-old company, providing it with the resources to enhance its market position further.
With the infusion of fresh capital, TechnoSport plans to bolster its manufacturing capabilities, expand its digital brand presence, and intensify marketing efforts. According to a press release, the funding will also facilitate the expansion of the company’s sales and distribution channels.
TechnoSport, led by Puspen Maity, specializes in high-performance apparel tailored for the Indian market, offered at competitive prices. The brand’s extensive network covers 15 states and over 5,000 active retailer touchpoints. Over the past three years, TechnoSport has consistently achieved an average growth rate of 30-40%, solidifying its status as a prominent player in the activewear segment.
In addition to its operations in India, TechnoSport has a presence in South Africa and the UAE. The Indian sports apparel market, valued at $673.34 million in 2022, is projected to grow at a compound annual growth rate (CAGR) of 16.2%, reaching $1.92 billion by 2029. TechnoSport aims to capture a 10% share of this burgeoning market.
Financially, TechnoSport reported a 28% increase in operating revenue, reaching Rs 287 crore in FY23, up from Rs 224 crore in FY22. During the same period, the company’s profits more than doubled, surging to Rs 29.26 crore.
In the competitive landscape, TechnoSport faces rivalry from Agilitas Sports, a startup founded by former Puma India managing director Abhishek Ganguly. Agilitas has raised over $60 million across two rounds from Convergent Finance LLP and Nexus Venture Partners. Additionally, TechnoSport competes with Zymrat, acquired by D2C fashion and lifestyle brand Styched in September of last year.
TechnoSport’s robust growth trajectory and strategic investment from A91 Partners position it well to capitalize on the expanding sports apparel market in India and beyond.
