Virat Kohli is set to sell his sporting brand, One8, to Bengaluru-based startup Agilitas and will also invest Rs 40 crore in his personal capacity to become a minority shareholder, according to Moneycontrol.
One8 will become Agilitas’ second acquisition, following its earlier purchase of Mochiko Shoes, a company that manufactures shoes for brands including Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo.
Details of Kohli’s deal with Agilitas
As part of the agreement, Kohli will sell One8 to Agilitas and invest Rs 40 crore in the company. “The complete deal will make Virat a minority shareholder in Agilitas,” Abhishek Ganguly, co-founder and CEO of Agilitas, told Moneycontrol. Kohli’s association with Agilitas will be exclusive, meaning he cannot endorse any other sports brand. Ganguly added that Kohli’s share will be in the “mid single digits” range.
From Puma to Agilitas: The long-term plan
Kohli’s decision comes months after his seven-year-long contract with Puma ended. The Rs 110-crore contract, which began in 2017, was reportedly valid for eight years until 2025. Earlier this year, Kohli, who was set to renew a contract worth Rs 300 crore, chose to walk out and partner with Agilitas instead.
“I could have either been a part of just One8 or been a part of Agilitas,” Kohli said in a social media post revealing the deal.
“Virat is not looking at a way to recover the Rs 300 crore that he’s let go. He is in this for the long run, and sees massive upside by being a stakeholder in Agilitas,” Ganguly concluded.
