Bengaluru-based activewear brand TechnoSport has marked a significant milestone with the successful securing of $25 Mn (approximately INR 208 Cr) in its first external fundraising round from A91 Partners.
Strategic Allocation of Capital
With this infusion of fresh capital, TechnoSport aims to bolster its manufacturing capabilities while also intensifying its focus on digital brand building and marketing initiatives. Additionally, the funds will be channeled towards expanding the brand’s sales and distribution channels, with plans to establish 100 exclusive brand outlets nationwide in the coming years.
Omnichannel Expansion and Global Footprint
Established in 2007, TechnoSport operates as an ecommerce marketplace, manufacturing and retailing sportswear apparel through omnichannel channels. Beyond its domestic operations in India, the brand has made significant inroads into markets in the Middle East and Africa.
Visionary Leadership and Growth Trajectory
Sumit Santhalia, co-founder of TechnoSport, expressed enthusiasm regarding the backing from A91 Partners, emphasizing its role in accelerating the company’s growth trajectory and advancing its mission of making quality activewear accessible to all. CEO Puspen Maity echoed this sentiment, highlighting the potential for scaling operations, enhancing product offerings, and driving digital acceleration efforts.
Investor Confidence and Industry Dynamics
Abhay Pandey, General Partner at A91 Partners, commended TechnoSport for its commitment to producing high-quality activewear within India, noting the company’s efforts in democratizing access to the category. This investment aligns with broader trends in the sportswear segment, exemplified by recent capital infusions into startups like Agilitas Sports.
Financial Performance and Market Outlook
TechnoSport’s robust financial performance underscores its position as a key player in the evolving sports apparel market. With a 28% increase in operating revenue for FY23 and a significant profit spike, the company demonstrates resilience and potential for further growth. Moreover, industry projections forecast substantial growth for the Indian sports apparel market, signaling opportunities for expansion and innovation.
As TechnoSport embarks on its next phase of growth fueled by strategic investment, it stands poised to redefine the sports apparel landscape in India and beyond. With a commitment to quality, innovation, and accessibility, TechnoSport is well-positioned to capitalize on emerging market trends and cement its position as a leader in the sports technology industry.
