India's fast-growing sportswear startup Agilitas is in advanced discussions to acquire Sports365, one of the country's earliest online retailers of sports equipment and accessories. If the deal goes through, it would mark Agilitas' latest strategic acquisition as the company builds an integrated sports ecosystem spanning manufacturing, brands and retail.
The proposed transaction also brings together two ventures associated with some of India's biggest sporting icons. Agilitas counts Virat Kohli among its investors, while Sports365 has received backing from Yuvraj Singh through his non-profit initiative, alongside several other prominent names from Indian sport.
A New Piece In Agilitas' Expansion Strategy
Founded by former Puma India executives led by Abhishek Ganguly, Agilitas has been pursuing an aggressive expansion strategy since its launch. The company has already:
Acquired footwear manufacturer Mochiko Shoes
Secured long-term licensing rights for Italian sportswear brand Lotto
Taken over One8, Virat Kohli's sportswear brand
Expanded its manufacturing and retail capabilities
Adding Sports365 would strengthen another important pillar—direct retail access to sports consumers across India.
Why Sports365 Still Matters
Sports365 was founded in 2012 by Sekhar Garisa and Vishal Gupta, making it one of India's earliest dedicated e-commerce platforms for sporting goods. The startup attracted several high-profile supporters over the years, including:
Mahesh Bhupathi
Yuvraj Singh
Lara Dutta
Dipika Pallikal
Its business grew steadily during its early years. The company expanded rapidly until FY21 before witnessing a sharp slowdown in the years following the pandemic.
Deal Valuation Appears Conservative
While the financial terms have not been officially disclosed, people familiar with the discussions told Moneycontrol that Sports365 is being valued at less than its peak annual revenue of ₹46 crore.
The subdued valuation reflects the company's declining business performance over recent years rather than its historical growth trajectory.
Agilitas Continues To Raise Capital
The acquisition discussions come as Agilitas continues to attract investor interest. The startup has already raised more than $90 million (over ₹850 crore) from investors including:
Virat Kohli
Anushka Sharma
Rainmatter
Yuvraj Singh
Convergent Finance
Other institutional investors
Separately, the company is also reported to be in the final stages of raising ₹450 crore from Nexus Venture Partners, with roughly half of the funding already committed.
Building An Integrated Sports Business
Rather than operating as only a sportswear brand, Agilitas is assembling capabilities across the entire value chain. Its strategy now spans:
Manufacturing
Brand ownership
Product design
Licensing
Retail distribution
Direct-to-consumer sales
Acquiring Sports365 would give Agilitas an established retail platform that could complement brands such as Lotto and One8 while improving customer reach.
The move also fits with the company's ambition of building a home-grown sports business capable of competing with global athletic brands.
Challenges Ahead
Although the strategic rationale appears strong, integrating multiple acquisitions presents its own challenges.
Sports365's declining revenues indicate that reviving customer demand will require investment in technology, product assortment and marketing. Agilitas will also need to integrate Sports365 with its existing operations while ensuring that its expanding portfolio of brands remains differentiated.
Why This Deal Matters
India's organised sportswear and sporting goods market has grown rapidly, driven by rising fitness awareness, premiumisation and increasing participation in recreational sports. Instead of relying solely on organic growth, Agilitas is using acquisitions to accelerate expansion across manufacturing, brands and retail.
If completed, the Sports365 acquisition would further strengthen that strategy and deepen the company's presence in the consumer-facing side of the sports business.
The Bottom Line
Agilitas' proposed acquisition of Sports365 is about more than buying an online retailer.
It represents another step in the startup's effort to build an integrated sports business that spans product manufacturing, brand ownership and retail distribution.
For Sports365, the deal could provide a fresh opportunity under a larger platform after several years of declining revenues. For Agilitas, it could add an established retail channel as the company continues its ambition of creating a globally competitive Indian sports brand.
