Sachin Tendulkarthe legendary cricketer, is about to launch a new venture. Along with former Swiggy executives Karthik Gurumurthy And Karan AroraTendulkar starts a sports Athleisure brand.
According to an ET report, the startup, which was incubated by an early-stage venture fund, Whiteboard capital has already formed a holding company with Tendulkar called SRT10 Athleisure Ltd.
According to documents cited by the financial newspaper, Tendulkar and Whiteboard Capital currently sit on the board of the holding company. The startup is in advanced talks to raise funding from a leading venture capital fund. Unlike typical celebrity endorsement deals, Tendulkar is actively involved in product development along with his co-founders, sources told ET.
According to sources, the brand aims to position itself as a competitor to top brands like Nike, but with affordable pricing and a focus on local manufacturing, in line with government policies that encourage domestic manufacturing. The startup plans to launch products in sports like cricket and badminton in the near future.
Gurumurthy declined to comment on the new project with Tendulkar.
The demand for sporting goods and fitness awareness is currently at an all-time high in the country. The sporting goods market is primarily driven by footwear, which accounts for around 60% of sales, followed by apparel at 30% and the rest by accessories.
Tendulkar’s involvement in this new venture highlights the growing trend of celebrities starting their own companies, some of which have been sold for substantial sums.
In India, cricketer Virat Kohli owns a stake in Universal Sportsbiz Pvt Ltd (USPL), which operates the Wrogn brand and has collaborated with Puma on the One8 range of products.
Other celebrities including MS Dhoni and Deepika Padukone have invested in startups. Padukone runs her own beauty and skincare brand 82E and Katrina Kaif collaborates with Nykaa for the beauty brand Nykaa KK.
Celebrities around the world such as Jessica Alba, Beyoncé, Jay-Z and Rihanna have also founded successful companies or product lines, taking on more roles than just that of a brand ambassador.
According to an ET report, the startup, which was incubated by an early-stage venture fund, Whiteboard capital has already formed a holding company with Tendulkar called SRT10 Athleisure Ltd.
According to documents cited by the financial newspaper, Tendulkar and Whiteboard Capital currently sit on the board of the holding company. The startup is in advanced talks to raise funding from a leading venture capital fund. Unlike typical celebrity endorsement deals, Tendulkar is actively involved in product development along with his co-founders, sources told ET.
According to sources, the brand aims to position itself as a competitor to top brands like Nike, but with affordable pricing and a focus on local manufacturing, in line with government policies that encourage domestic manufacturing. The startup plans to launch products in sports like cricket and badminton in the near future.
Gurumurthy declined to comment on the new project with Tendulkar.
The demand for sporting goods and fitness awareness is currently at an all-time high in the country. The sporting goods market is primarily driven by footwear, which accounts for around 60% of sales, followed by apparel at 30% and the rest by accessories.
Tendulkar’s involvement in this new venture highlights the growing trend of celebrities starting their own companies, some of which have been sold for substantial sums.
In India, cricketer Virat Kohli owns a stake in Universal Sportsbiz Pvt Ltd (USPL), which operates the Wrogn brand and has collaborated with Puma on the One8 range of products.
Other celebrities including MS Dhoni and Deepika Padukone have invested in startups. Padukone runs her own beauty and skincare brand 82E and Katrina Kaif collaborates with Nykaa for the beauty brand Nykaa KK.
Celebrities around the world such as Jessica Alba, Beyoncé, Jay-Z and Rihanna have also founded successful companies or product lines, taking on more roles than just that of a brand ambassador.
