Case Study: 🏏 Virat Kohli’s ₹300‐Crore Cover‐Drive Into Agilitas

Happy Sunday, squad!
It’s the one day we get to kick back, sip slow, and scroll even slower. Markets were on holiday, but one man was working overtime — not on the pitch, but in the boardroom.

Today’s edition is a little different. No IPO chaos, no Sensex swing — just a power-packed case study on Virat Kohli’s bold business move that might just change Indian sportswear forever. 🏏💼

If you thought he was just playing cricket, wait till you see how he’s flipping the brand game on its head. This one’s brewed strong. Let’s dive in. ☕

Virat Kohli isn’t just playing cricket anymore—he’s playing chess. In an era where athletes have become living brands, Kohli just made one of the boldest off-field moves in Indian sports business history. By turning down a monster ₹300 crore Puma deal and betting on Agilitas, he’s telling the world: “I’m not just a face—I’m the founder.”

Think Federer with On, Jordan with Nike, Rihanna with Fenty. But this time? It’s desi, it's disruptive, and it might just be India’s first billion-dollar sportswear brand born at home.

1. The Switch‑Hit Heard Round the Boardroom 💥

Virat Kohli stunned the sponsorship world by rejecting an eight‑year ₹300 crore (≈ US $35 m) Puma extension and instead buying equity in Bengaluru‑based Agilitas Sports—a stealth‑mode startup founded in 2023. He’s not just a face on a billboard anymore; he’s now investor, board member, product co‑creator, and chief hype officer. 

Why turn down a sure‑shot cheque?

1. 💰 Bigger upside: Federer’s tiny 3% slice of On Running is now worth ~US $300m; the equity math speaks for itself.

2. 📱 Owned channels: Kohli’s 271m Instagram followers (only Ronaldo & Messi have more in sport) give him a media network larger than most TV broadcasters—why rent that reach to another brand?

3. 🎮 Creative control unlocked: As co‑creator, Kohli isn’t just picking colors—he’s steering the entire design playbook. From sneaker silhouettes and drop timing to customer data and feedback loops, he’s running the brand like a captain on and off the field—something no standard endorsement ever allows.

4. 🧠 Strategic timing: Puma is in leadership transition (CEO Arne Freundt stepped down in April 2025), and global rivals like Nike and Adidas are cutting budgets amid slower U.S. growth. Kohli saw the gap and went full throttle.

5. 🌍 Desi dominance opportunity: With India's fitness market booming and local pride at an all-time high, this was the perfect moment to carve out space for a homegrown premium player.

2. Agilitas 101: A New Challenger Approaches 🚀

3. Market Scoreboard: How Tall Is the Mountain? ⛰️

Nike is the undisputed GOAT—backed by innovation, legacy athletes, and cultural dominance. Adidas, its German rival, blends performance and streetwear collabs (think Yeezy, Bad Bunny) while navigating post-Kanye turbulence. Puma, once underestimated, became a lifestyle favorite in India—thanks in large part to the man now leading Agilitas. And then there’s On Running—the Swiss upstart, blessed by Federer, turning futuristic design and comfort tech into billion-dollar sales.

These brands dominate the $400B+ global sportswear market, but they're also ripe for disruption—especially in India, where cultural context, influencer loyalty, and youth identity matter more than legacy.

🇮🇳 Indian demand tailwind: The domestic athleisure market hit US $13.2 bn in 2024 and is compounding at 5‑6 % annually. Add in double‑digit growth in functional sports apparel (16 % CAGR forecast) and Agilitas has a runway to a US $1 bn sales goal by early 2030s—assuming 6‑7 % home‑market share.

📊 To put that in perspective: capturing just 2% of the Indian market (≈ ₹2,000 crore) would put Agilitas ahead of Under Armour’s India revenues.

4. What One8 Brings to Agilitas 🧩

• 🔥 Built-in Brand Equity: One8 isn’t starting from scratch—it’s already a ₹250 crore business under Puma’s wing. Now, with full ownership, Kohli gets to pocket both the licensing and the retail margin.

• 🇮🇳 Made in India, Worn Everywhere: One8 sits perfectly at the intersection of aspiration and authenticity. Indian consumers are increasingly choosing homegrown brands if they match global quality—and One8’s proven track record makes it the perfect "Desi Nike" in the making.

• 🛒 Distribution: Locked and Loaded: With partnerships across Flipkart, Myntra, and plans for exclusive offline stores, One8 already has a D2C backbone most startups dream of. Add in airport kiosks and match-day pop-ups, and you’ve got reach + recall.

• 📦 Drop Strategy with an Edge: Mochiko’s vertically integrated setup lets Agilitas launch limited-edition drops at speed. Think small-batch, cricket-themed releases that drive scarcity, exclusivity, and hype—minus the inventory risk.

• 🤝 From Solo Play to Shared Stage: The plan isn’t just “Kohli merch.” Expect athlete capsules, creator collabs, and IP-led drops that position One8 more like Lululemon and On—less celeb vanity line, more performance lifestyle ecosystem.

5. Celebrity‑Equity Leaderboard 🏆

Kohli’s not the first athlete to chase equity. But he might be the first Indian to do it at this scale, and on this kind of brand-building journey from Day 0. Here’s the company he’s trying to join:

*partnership ended 2022; revenue peak shown. †Yeezy data pre‑split.

🎯 What makes Kohli’s play unique? He’s launching from India—not Europe or the US—and aiming for global domination with a brand born out of cricket, not basketball or pop culture.

🧠 What ties these icons together? They didn’t just endorse—they helped build. Each became synonymous with a product category, transforming their audiences into loyal customers. Kohli’s bet is that cricket can do for Indian sportswear what basketball did for Nike.

🏆 Bottom Line

Kohli isn’t just chasing centuries anymore—he’s chasing compounding.
By turning down ₹300 crore from Puma and betting on Agilitas, he’s walked away from a paycheck and walked into a cap table. This isn’t a vanity stake. It’s a full-stack business move: equity, co-creation, D2C infrastructure, owned media, and a market tailwind hotter than an Indian summer.

It’s not just India’s first serious athlete-founded sportswear brand. It’s possibly India’s first serious shot at building a culturally resonant, globally relevant athletic empire.

From being the product to becoming the platform—Kohli’s shift mirrors what Jordan did with Nike, what Federer did with On, and what Rihanna did with Fenty. Only this time, it’s happening in a country where cricket is religion and Kohli is pope.

So what's next?

🚨 A One8 flagship in Mumbai?
🎯 Global drops built on cricket nostalgia?
💰 A unicorn valuation by 2028?

If Agilitas nails execution, Kohli’s not just going to be the face of Indian fitness culture—he’ll be the founder who built its wardrobe.

The old playbook was “endorse.” The new one? “Own.” And Kohli’s already batting in the powerplay. 🏏💼🔥