India’s legendary cricketer Sachin Tendulkar is set to become an entrepreneur by launching a new sports athleisure brand as per Economic Times.
Tendulkar endorses brands including Spinny, Boost, and BMW and is also part of a joint venture for menswear brand True Blue with Arvind Fashions.
India’s legendary cricketer Sachin Tendulkar is set to become an entrepreneur by launching a new sports athleisure brand as per Economic Times.
Reportedly, he will join hands with former Swiggy Instamart head Karthik Gurumurthy and former Swiggy executive Karan Arora in launching the venture.
Whiteboard Capital, the early-stage venture fund has incubated the start-up along with Tendulkar. A holding company has already been registered for the venture as per reports.
"They are likely to position it like a rival to top brands like Nike, but at an affordable pricing with a local manufacturing at play as well as government policies promoting local manufacturing,” one of the sources reportedly told ET. “They will soon launch products in sports like cricket and badminton,” they further added.
Tendulkar will be working on products with other cofounders and the venture is in advanced stages to raise capital from a top venture capital fund.
Sachin Tendulkar, who commands a heavy premium on his brand endorsement deals, reportedly will not be given a stake for being the start-up’s brand public eye.
In India, as many are realising the importance of fitness and good health, there has been an increase in demand for sports goods and equipment. In the Indian market, sports goods are centred around shoes and apparels which accounts for 60 per cent and 30 per cent respectively for the total sales. Hence investors are keen to tap into this segment to reap rich dividends.
Tendulkar endorses brands including Spinny, Boost, and BMW and is also part of a joint venture for menswear brand True Blue with Arvind Fashions.
Tendulkar would be following the growing trend of celebrities setting up their ventures, some of which have been sold for $1 billion or more.
Other cricketers are also investors in startups inclduing Virat Kohli who owns a stake in Universal Sportsbiz Pvt Ltd (USPL), which runs the brand Wrogn. He has collaborated closely with Puma on One8 range of shoes and other products