Performance wear brand TechnoSport has successfully raised Rs 175 crore ($21 million) from A91 Partners, marking its first external fundraise in the company’s 17-year history.
With the fresh capital, TechnoSport aims to enhance its manufacturing capabilities, bolster digital brand building, and intensify marketing efforts. Additionally, the funding will support the expansion of TechnoSport’s sales and distribution channels, the company announced in a press release.
Led by Puspen Maity, TechnoSport offers high-performance apparel tailored for the Indian market at affordable prices. Its extensive network spans 15 states and over 5,000 active retailer touchpoints. Over the past three years, TechnoSport has maintained an impressive average growth rate of 30% to 40%, solidifying its position as a key player in the activewear segment.
Besides its operations in India, TechnoSport also has a presence 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 compound annual growth rate (CAGR) of 16.2%, reaching $1.92 billion by 2029. TechnoSport aims to capture 10% of this burgeoning market.
In FY23, TechnoSport‘s operating revenue surged by 28% to Rs 287 crore, up from Rs 224 crore in FY22. Concurrently, the company’s profits more than doubled, jumping to Rs 29.26 crore during the same period.
In the competitive landscape, TechnoSport will face challenges from venture capital-funded companies such as Agilitas Sports, a newly launched startup by former Puma India managing director Abhishek Ganguly. Agilitas has already raised over $60 million across two rounds from a fund managed by Convergent Finance LLP and Nexus Venture Partners.
TechnoSport also competes with Zymrat, which was acquired by D2C fashion and lifestyle brand Styched in September of last year.
With this significant injection of funds from A91 Partners, TechnoSport is poised to accelerate its growth trajectory and further establish itself as a dominant force in the activewear industry.
