Agilitas, the sporting goods manufacturing company, is in advanced stages of raising Rs 450 crore (around $50 million) from Nexus Venture Partners, one of its key existing investors, as the firm looks to expand its product portfolio, sources told Moneycontrol.

“While the commitment is in, the amount will be wired to Agilitas in two tranches of $25 million (Rs 225 crore) each,” one of the persons cited above said. While Agilitas will use the funds to launch new products, largely under Lotto, for different age groups, it will also use the funds for its research and expedite its offline push.

The round values Agilitas at around $400 million (about Rs 3,500 crore), per sources.

Agilitas and Nexus Venture Partners did not immediately reply to Moneycontrol’s queries.

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