Homegrown performance wear brand TechnoSport – brand headquartered in Bengaluru -has raised Rs 175 crore as its first external fundraising from A91 Partners, an early growth equity fund.
Advay Capital Advisors was the exclusive financial advisor on the transaction.
With the fresh capital, TechnoSport plans to:
- enhance its state-of-the-art manufacturing capabilities
- focus on digital brand building, and amplify its marketing activities
- support the expansion of TechnoSport’s sales and distribution channels, helping the brand to reach a wider audience
“This infusion of capital marks a pivotal moment in our growth journey, enabling us to accelerate our expansion on multiple fronts. With this support, we are poised to scale our operations, enhance our product offerings, significantly increase our user base, drive brand building, and propel our digital acceleration efforts, ensuring we remain at the forefront of innovation in the sports technology industry” said Puspen Maity, CEO of TechnoSport.
“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” added Sunil Jhunjhunwala, Co-Founder & Managing Director at TechnoSport.”
Offering high-performance apparel tailored for the Indian market at remarkably affordable prices, TechnoSport aims to cater to the masses. Their products, the result of extensive research and technical expertise, boast cutting-edge fabric technology and innovation.
With a loyal network spanning 15 states and over 5,000 active retailer touchpoints, TechnoSport is poised for further growth and market penetration.
What Research Says
The India Sports Apparel Market was valued at USD 673.34 million in 2022 and is expected to reach USD 1926.10 million by 2029, exhibiting a CAGR of 16.2% during the forecast period (2023-2029).
Over the past three years, TechnoSport has maintained an impressive average growth rate of between 30% and 40%, solidifying its position as a key player in the activewear segment. Further, TechnoSport aims to capture 10% of the Indian Activewear Market.
“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,” affirmed Sumit Santhalia, Co-Founder & Director at TechnoSport.
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.”
