Agilitas Sports, an athleisure solutions platform, has acquired Mochiko Shoes, one of India’s largest sports footwear manufacturers, for an undisclosed amount.
“This acquisition augments Agilitas’ value proposition, by strengthening our supply chain in the rapidly growing sports footwear market,” said Abhishek Ganguly, chief executive officer (CEO) and cofounder of Agilitas Sports. “Mochiko’s manufacturing capabilities, operational excellence and strategic partnerships with leading global giants position us to address the government’s ‘Make in India’ (initiative).”
Mochiko, which was established in 2008, reported revenue of Rs 642 crore in FY2023 and is estimated to grow 30 per cent year-on-year (Y-o-Y).
“We are now poised to enhance long-term investments, addressing the soaring demand in the sports and athleisure footwear sector,” said Virender Awal, founder and CEO of Mochiko Shoes. “Joining the Agilitas family propels our ambitions. We envision multifold and multifaceted growth in our business over the next 5-6 years, adding jobs and livelihood.”
Mochiko is a manufacturing partner for Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs and Decathlon. The company said it is the first sports footwear manufacturer in India to receive BIS (Bureau of Indian Standards) licence. The company has manufacturing units in Dehradun and Rishikesh, Uttarakhand, and in Noida, Uttar Pradesh.
Sport comprises 16 per cent of the Indian footwear market and it is the fastest-growing segment.
In an interview, Ganguly said Agilitas would tap various lines of businesses in the sportswear industry. “We would be investing in the management teams and often this will be led by acquisitions,” he said.
In May, Agilitas raised Rs 430 crore from investors. Funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, have invested Rs 400 crore in Agilitas. An amount of Rs 30 crore has come from individual investors.
Besides Ganguly, former Puma India executives Atul Bajaj and Amit Prabhu comprise Agilitas’s founding team.