Bengaluru-based performance wear brand TechnoSport bagged Rs 175 crore from equity fund A91 Partners in its initial external fundraising round. The wear brand plans to use the funds to ramp up its manufacturing capabilities and focus on digital branding and marketing. Additionally, it aims to expand its sales and distribution network. TechnoSport is currently present in 15 states across more than 5,000 active retailer touchpoints.
Founded in 2018, A91 Ventures is a domestic investment firm that specialises in late venture and early growth investments. TechnoSport focuses on sectors such as consumer, healthcare, technology and financial services. It portfolio comprises brands such as Sugar Cosmetics, Giva, Paper Boat and Blue Tokai Coffee.
According to market repots, the Indian sports apparel market was valued at USD 673.34 million in 2022. Moreover, it is expected to reach USD 1926.10 million by 2029, growing at a CAGR (compound annual growth rate) of 16.2 per cent.
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