 "Sachin Tendulkar set to launch sports athleisure brand alongside former Swiggy Instamart chief: Report")
Legendary cricketer Sachin Tendulkar is bracing for a new role off the cricket field. The former India batter is becoming an set to become an entrepreneur by launching a sports athleisure brand alongside former Swiggy Instamart head Karthik Gurumurthy. Also on board is former Swiggy executive Karan Arora as the third cofounder, says an Economic Times report.
To get the ball rolling, a holding company has been registered. Early-stage venture fund Whiteboard Capital have incubated the startup with Tendulkar.
As per filings, Tendulkar and Whiteboard Capital are currently on the board of directors of the holding firm named SRT10 Athleisure Pvt. Ltd.
The startup is at an advanced stage in raising funding from top VCs, the report said citing sources.
Tendulkar, one of the most popular cricketers still, takes in massive premium on his brand endorsement deals. But the new venture is reportedly not giving him a stake based on his public image.
Per the sources, Tendulkar is working on the products in his own personal capacity along with the other cofounders.
“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 is quoted as saying by ET. “They will soon launch products in sports like cricket and badminton.”
Impact Shorts
More ShortsThe sports goods market is largely centred around shoes which account for about 60% of sales and apparel taking 30% of the share. Rest are in accessories.
Tendulkar is already part of a joint venture for menswear brand True Blue with Arvind Fashions. Besides being the ambassador for True Blue, he endorses brands including Spinny, Boost, and BMW.
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