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Agilitas Sports, co-founded by former Puma India & South East Asia MD Abhishek Ganguly, on Thursday announced it will acquire Mochiko Shoes for an undisclosed amount.
Agilitas Sports is a sportswear and Athleisure solutions platform while Mochiko is the country's largest sports footwear manufacturer.
Mochiko's clientele includes leading international brands such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo and is their manufacturing partner.
"Mochiko's manufacturing capabilities, operational excellence and strategic partnerships with leading global giants, positions us to address the government's clarion call to 'Make in India', and to cater to the rising aspirations of an economic superpower, with the largest youth population," Agilitas Sports CEO & Co-Founder Abhishek Ganguly said.
Earlier this year, Ganguly left Puma India along with its executive director for sales and operations Atul Bajaj and CFO Amit Prabhu and they founded Agilitas Sports.
It has raised Rs 400 crore through Convergent Finance and another Rs 30 crore from individual investors.
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For the financial year ended March 2023, Mochiko registered revenues of Rs 642 crore. It is also the country's first sports footwear manufacturer to receive a BIS license, according to a joint statement.
"Mochiko is projected to grow to Rs 820 crore in the current fiscal... is estimated to grow by 30 per cent, Year-on-Year (Y-o-Y)," the statement said.
It has manufacturing units in Dehradun and Rishikesh in Uttarakhand, and at Noida in the National Capital Region (NCR). The company employs nearly 10,000 individuals.
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