Activewear brand TechnoSport snags $21 mn in first fundraising
Summary
Performance wear brand TechnoSport has raised Rs 175 crore (around $21 million) in its first external fundraising, from growth private equity firm A91 Partners.Bengaluru-headquartered TechnoSport offers high-performance apparel at affordable prices as it aims to cater to the masses. "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, increase our user base, drive brand building and propel our digital acceleration efforts, said Puspen Maity, chief executive officer of TechnoSport.The sports apparel market in India was valued at $673.34 million as of 2022 and is expected to reach $1.9 billion by 2029, growing at a CAGR of 16.2%.TechnoSport claims it has maintained an average growth rate between 30-40%. "This infusion of funding will serve as a catalyst, empowering us to bolster our manufacturing infra and increase our digital brand presence. With this support, we are poised to extend our reach across borders, strengthening Indias imprint on the global map," said Sunil Jhunjhunwala, co-founder and managing director at TechnoSport.