New Delhi: Bengaluru-based active-wear retailer TechnoSport has crossed the Rs 300 crore revenue mark in FY24 and is eyeing a high double-digit growth of 30 – 40 per cent over the next few years, the company’s co-founder Sunil Jhunjhunwala told ETRetail.
He attributed the shift towards organised and branded products, the company’s competitive pricing solving for the mass market, and its robust expansion plans through e-commerce and exclusive brand outlets as the key factors driving this growth.
“In the value space, for garments between the MRP of Rs 300 – 700, we dominate a 10% market share. However, the market is very fragmented. There are many small brands, unorganised players, and fakes. Over some time as the market gets more organised, I think 50% of this will consolidate,” Jhunjhunwala said.
TechnoSport’s revenue in FY23 stood at Rs 287 crore with a profit of Rs 29.26 crore.
The brand recently launched its first outlet in Bengaluru. Adding to the company’s growth plans, Puspen Maity, CEO, TechnoSport shared that the retailer is planning to add a total of 7-8 new EBOs this fiscal. The retailer is also working towards converting some of its existing general trade retailers into EBOs. On the online front, the brand is expecting a double-digit contribution from e-commerce. Currently, online retail contributes 7-8 per cent to the business.
To support its expansion plans, the 17-year-old sportswear maker raised about Rs 175 crore in its first external fundraising from A91 Partners.
Commenting on its investments, Jhunjhunwala stated that TechnoSport has already invested Rs 50 crore in its factory in Tamil Nadu, which became operational last year. Over the next 2 fiscal years, the retailer will invest a total of Rs 200 crore in the unit, he added.
