Performance Wear Brand TechnoSport Secures $21M In Funding From A91 Partners

Technosport is a rapidly growing activewear brand committed to providing superior quality, technologically advanced, and affordable products to customers worldwide. The company regularly explores market trends, innovates, and produces sustainable activewear, aiming to create an active, comfortable, and eco-friendly lifestyle for its customers. Technosport has achieved impressive milestones, including selling over 1 crore units of apparel in 2022, with 35+ garments sold every minute and 10 lakh+ liters of water saved daily. The brand’s vision is to be globally recognized and locally loved, while its mission is to deliver the best products and services by staying updated on the latest fashion and technology. Technosport’s journey is focused on providing high-quality, innovative, and affordable activewear that caters to the needs of men, women, and children.

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TechnoSport, a performance wear label headquartered in Bengaluru, has secured an impressive sum of Rs 175 crore, equivalent to approximately $21 million, in its inaugural external funding round led by A91 Partners. This substantial injection of funds will enable TechnoSport to enhance its manufacturing facilities, bolster its marketing endeavors, and prioritize the development of its digital brand presence, while staying true to its core message.

TechnoSport was founded in 2015 by Sumit Santhalia and Sunil Jhunjhunwala, as stated on the startup’s LinkedIn profile. The company provides high-performance sportswear designed specifically for the Indian market, all at exceptionally affordable prices.

Puspen Maity, the CEO of TechnoSport, stated, “This capital infusion represents a crucial milestone in our growth trajectory, allowing us to expedite expansion across various dimensions. With this investment, we are set to scale our operations, improve our product range, expand our customer base, boost brand development, and advance our digital initiatives.”

Furthermore, Sunil Jhunjhunwala, co-founder and managing director, remarked, “This funding will act as a catalyst, enabling us to enhance our manufacturing infrastructure and strengthen our digital brand presence. With this backing, we are ready to extend our reach internationally, solidifying India’s presence on the global stage.”

The startup asserts its position as a significant entity in the activewear industry, consistently achieving an average growth rate of 30-40% over the last three years. Operating across 15 states in India, the company boasts a network of over 5,000 active retail touchpoints. Furthermore, it has expanded its reach globally, establishing a presence in South Africa and the UAE. TechnoSport is now striving to secure 10% of the Indian sports apparel market, which was valued at $673.34 million in 2022 and is projected to grow at a CAGR of 16.2%, reaching $1.92 billion by 2029.

In the fiscal year 2023, TechnoSport saw a significant increase in operating revenue, rising by 28% to Rs 287 crore from Rs 224 crore in the previous fiscal year. Additionally, the company’s net profit more than doubled to Rs 29.26 crore during the same period. Despite its success, TechnoSport faces competition from other venture capital-funded companies like Agilitas Sports and Zymrat. Agilitas Sports, established by former Puma India managing director Abhishek Ganguly, has secured more than $60 million in funding from Convergent Finance LLP and Nexus Venture Partners in two rounds. In contrast, Zymrat was purchased by D2C fashion and lifestyle brand Styched in September of last year. Advay Capital Advisors served as the financial adviser for TechnoSport’s most recent fundraising transaction.

TechnoSport, a Bengaluru-based performance wear label, has secured a significant Rs 175 crore ($21 million) Series A funding from A91 Partners. This investment will enable the company to enhance manufacturing, bolster marketing, and strengthen its digital presence. Founded in 2015, TechnoSport has achieved impressive growth, averaging 30-40% over the past three years, and aims to capture 10% of the growing Indian sports apparel market. Despite competition from other VC-backed players like Agilitas Sports and Zymrat, TechnoSport’s strong financial performance and ambitious expansion plans position it as a rising force in the activewear industry.