Sportswear and athleisure company Agilitas Sports, which is co-founded by former Puma India MD Abhishek Ganguly, has fully acquired Mochiko Shoes Pvt Ltd, one of India’s largest sports footwear manufacturers, for an undisclosed sum.
Mochiko Shoes makes licensed products for leading brands including adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo.
“This acquisition augments Agilitas’ value proposition, by strengthening our supply chain in the rapidly growing sports footwear market,” said Ganguly, co-founder and CEO 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).”
Established in 2008, by Virender Awal and a co-founding team of five members, Mochiko Shoes registered a revenue of Rs 642 crore in FY2023, and is estimated to grow by 30 per cent, Year-on-Year (Y-o-Y). It is the first sports footwear manufacturer to get a BIS license. The company’s revenues are projected to grow to Rs. 820 crore in the current fiscal.
Awal, speaking about the acquisition, said, “Joining the Agilitas family propels our ambitions. We are now poised to enhance long-term investments, addressing the soaring demand in the Sports and Athleisure footwear sector. We envision multifold and multifaceted growth in our business over the next 5-6 years, adding jobs and livelihood.”
“Mochiko Shoes will operate as a 100 per cent subsidiary of the Agilitas Group, which aims to be the largest sports company in India. The same management team will continue to grow Mochiko and Virender Awal will continue to operate as the CEO. Agilitas Group will put additional investments to enhance capabilities and capacities of Mochiko especially at a time when global footwear majors want to also manufacture more from India,” Ganguly added.
The company has manufacturing units located in Dehradun and Rishikesh (Uttarakhand) as well as in the National Capital Region (NCR), of Noida. Mochiko employs nearly 10,000 individuals, across the length and breadth of its operations. Ganguly said the plans to gradually double the manfacturing capacity of Mochiko are on the cards.
The founding team of Agilitas Sports comprises Ganguly, Atul Bajaj, former executive director – Sales and Operations of Puma India, and Amit Prabhu, former executive director and chief Financial Officer of Puma India.
Agilitas Sports has raised initial investments of Rs 430 crore from funds advised by Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan and individual investors.
