India’s Athleisure War, Opendoor Shuts India Hub, and Fidelity Sells Meesho Shares

India’s sportswear fight is no longer just Nike versus Adidas versus Puma. The more interesting fight is underneath them.

Indian brands have realised that they cannot beat global giants by copying their logos, celebrity campaigns or mall stores. That game is too expensive. Puma alone has crossed ₹3,200 crore in India, and major sports brands together do more than ₹11,000 crore in sales. Nike and Adidas are not weak brands waiting to be replaced. They are cultural machines.

So Indian players are taking different routes.

Campus is playing the price and distribution game. It has built itself as India’s largest sports and athleisure footwear brand, with 17% share in the scaled sports and athleisure footwear market. Its strength is not elite running shoes. Its strength is selling affordable sneakers across hundreds of cities, especially where Nike feels too expensive and too distant.

RedTape is trying the mass-premium route. It is not a pure sports brand, but it has stretched from leather shoes into sneakers, apparel and accessories. It did about $224 million in FY25 revenue and has more than 600 stores. That tells you something important: India’s middle-class consumer may want the sportswear look, but not always the Nike price.

TechnoSport is attacking from activewear. It is targeting ₹600 crore revenue in FY26 and wants to grow from 21 exclusive stores to 300. It is also preparing to enter footwear. This is not a glamour strategy. It is a volume strategy built on gym T-shirts, track pants and everyday performance wear.

Agilitas is the most serious industrial bet. By buying Mochiko, which makes shoes for Adidas, Puma, New Balance, Skechers and others, it is trying to own the factory before owning the consumer. Mochiko had around ₹642 crore revenue in FY23, and Agilitas has also taken Lotto rights and one8 with Virat Kohli. That is a better plan than importing shoes and shouting on Instagram.

HRX and Cultsport are playing the ecosystem game. Fitness classes, gym users, apparel, shoes and equipment can feed each other. The product does not need to beat Nike in Paris or New York. It needs to sit naturally inside India’s fitness habit.

That is the real market opening.

India’s athletic footwear market is expected to cross $11 billion by 2030. Fitness services may more than double to about $4.5 billion by then. This creates space for Indian brands, but only in the middle of the market.

Let’s be clear. Indian brands are not dethroning Nike at the top anytime soon. They do not yet have the material science, design depth, athlete history or global cool.

But they can hurt global brands where it matters most in India: ₹1,500 to ₹5,000 products, smaller cities, gym wear, everyday sneakers and fast local supply.

Nike owns desire. Adidas owns legacy. Puma owns strong India recall. Indian brands have to own fit, price, access and local speed. That is how they win.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ab Aapki Zaroorat Nahin Hai”: Opendoor Lays Off Entire India Team Of 250 Employees

US-based proptech company Opendoor has laid off its entire India team, affecting around 250 employees, as it builds leaner AI-native teams closer to its US customer base. The company had opened offices in Hyderabad and Bengaluru less than two years ago.

Opendoor said it had unified manual workflows earlier handled by Indian employees and would offer severance, outplacement and transition support.

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“Thik Hai Bhai, Ab Main Chalta Hu”: Fidelity Offloads ₹988 Cr Meesho Shares

Fidelity Investments has sold Meesho shares worth around ₹988 Cr through a block deal. The transaction involved 5.98 Cr shares, representing around 1.31% stake, sold at roughly ₹165.2 per share.

The sale comes after lock-in restrictions expired for several pre-IPO shareholders.

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“Data Security Ka CCTV”: Seclore Launches ARMOR DSPM For Sensitive Data

Data security company Seclore has launched ARMOR DSPM, a new capability within its ARMOR platform to help enterprises discover, classify and protect sensitive data across business and AI environments. The product analyses content, context and intent.

The launch comes as enterprises worry about data exposure across AI workflows, repositories and regulated systems.

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“Apni Company Wapas”: ECLAT Health Completes Management Buyout From Gulf Capital

Healthcare technology and revenue cycle management company ECLAT Health Solutions has completed a management buyout from private equity investor Gulf Capital. The transaction returns full ownership to the company’s founders and management team.

During Gulf Capital’s partnership, ECLAT expanded its workforce from 450 to more than 4,000 employees across the US, India and the Philippines.

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“Sarkari Cheque Mil Gaya”: IN-SPACe Funds Three Spacetech Startups Under TAF

IN-SPACe has selected Astrobase Space Technologies, SatSure Analytics and TakeMe2Space for funding under its Technology Adoption Fund. This is the first time the agency has invested in Indian startups, with support capped at ₹25 Cr per project.

The selected projects include a high-thrust liquid rocket engine, an earth observation AI model, and AI models that can run directly on satellites.

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1. Ethereal Machines has raised $28.5 Mn in a Series B round led by Avataar Ventures, with Peak XV Partners and other existing investors participating. The capital will support a mega-factory, indigenous CNC technology, semiconductor manufacturing and global expansion.

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2. 4baseCare has raised ₹128 Cr in Series B funding, including a fresh ₹38 Cr top-up led by growX Ventures and Infosys. The precision oncology startup will expand its genomics lab network and scale its AI-led OncoTwin platform.

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3. Manam Chocolate has raised $9 Mn, about ₹86 Cr, in a Series A round led by Omnivore, with participation from the Turner Morrison consortium. The premium craft chocolate brand will expand retail in Delhi NCR over the next 12 months.

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4. Biodimension has raised ₹8 Cr in a round led by IAN Angel Fund, with participation from Campus Angels Network and angel investors. The life sciences startup will accelerate product development, lab infrastructure and commercialisation in India and overseas markets.

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5. Dream Aerospace Technologies has raised ₹10 Cr in a pre-Series A round led by 247VC, with Campus Angels Network, Chandigarh Angels Network and others participating. The startup will expand satellite propulsion testing and production at IIT Kanpur.

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6. QubeHealth-Pay has completed its Series A round at a valuation of ₹416 Cr. Investors include Unicorn India Ventures, IA Growth Opportunities Fund, Brew Opportunities Fund, Finvolve Ventures, FirstPort Capital and Maithan Family Office.

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7. Madverse Music has secured its first institutional funding round led by Ahdritz Capital, with SumoSan Ventures, 10X Global and Marigold Capital participating. The music-tech company will expand AI-powered rights, distribution and artist services globally.

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8. Rivvun AI has raised $7.55 million in early-stage funding. The company makes AI software that helps businesses find hidden financial errors, like missed savings or lost revenue, by linking with their existing computer systems.

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9. Kerala-based sports technology startup Dartle has raised $100,000 in early-stage funding led by Inflection Point Ventures (IPV). The company provides a software platform to help youth sports and football academies manage their daily operations.

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