For nearly two decades, Abhishek Ganguly worked as the managing director of Puma, the German athleisure brand in India. In that period alone, the brand’s revenue shot up from Rs 20 crore to close to Rs 4,000 crore. Under Ganguly, Puma even managed to beat its longtime rival Adidas to become a market leader.

In 2023, Ganguly decided to quit and start his own venture called Agilitas Sports with two of his colleagues from Puma, Atul Bajaj and Amit Prabhu. Within a year, Ganguly’s company has managed to rack up more than Rs 700 crore in revenue.

The way Ganguly and his co-founders got to this point is interesting. Instead of doing the obvious thing and launching their own sneaker brand, Ganguly did something quite odd. Something, that even the biggest sportswear brands in the world – Nike, Reebok, Adidas – have never even attempted.

Last September, Agilitas bought India’s largest sportswear contract manufacturer, Mochiko shoes. This is the company that manufactures shoes for international brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon – the works. Ganguly’s logic behind owning the factory is simple – he wants whole pie and not just a slice of the margin.

He told The Ken's DVLS Pranathi that having the additional manufacturer’s margin in a price-sensitive market like India is worth its weight in gold. But there is a reason giants like Puma and Adidas don’t go down this road—taking care of manufacturing in-house is a logistical nightmare. That’s why most brands outsource to companies that are equipped to do it, like Mochiko.

But Agilitas is dead set on bringing the entire operation in-house. It’s convinced it can work and has also managed to convince VCs that there is merit in controlling both manufacturing and distributing.

Investors are betting on the Ganguly-Bajaj-Prabhu trio to pull off another Puma-sized victory.

But will the other shoe drop?

Tune in.

**The host mistakenly said a decade instead of two decades when referring to Abhishek Ganguly's stint at Puma. The error is regretted.

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