The Busy Brains
16 Sept 2023
The acquisition follows Agilitas Sports' successful fundraising of over $50 million four months ago, with substantial contributions from Convergent Finance LLP and individual investors.
Sportswear brand Agilitas Sports has completed the acquisition of Mochiko Shoes, a sports footwear manufacturer known for its work with brands like Adidas and New Balance. The acquisition follows Agilitas Sports' successful fundraising of over $50 million four months ago, with substantial contributions from Convergent Finance LLP and individual investors.
Key Highlights:
The specific financial terms of the acquisition have not been disclosed.
Agilitas Sports aims to strengthen its position in India's sports manufacturing ecosystem through this acquisition. It plans to integrate Mochiko's manufacturing capabilities and ensure compliance with quality standards. This move is expected to drive innovation in sportswear and athleisure solutions.
The acquisition will enable Agilitas Sports to leverage Mochiko's well-established relationships with international sports brands, enhancing its market presence in India.
Virender Awal, Founder and CEO of Mochiko Shoes, expressed optimism about joining Agilitas Sports, noting that it will propel their ambitions and allow them to address the growing demand in the sports and athleisure footwear sector. He envisions significant and multifaceted growth in their business over the next 5-6 years.
Abhishek Ganguly, CEO & Co-Founder of Agilitas Sports, emphasized how the acquisition enhances their value proposition by strengthening the supply chain in the rapidly expanding sports footwear market. He highlighted Mochiko's manufacturing capabilities, operational excellence, and strategic partnerships with leading global giants, positioning Agilitas to contribute to the "Make in India" initiative and cater to India's rising aspirations.
About Agilitas Sports:
Agilitas Sports is a sportswear and athleisure solutions platform co-founded by industry veterans, including Abhishek Ganguly, the former Managing Director of Puma India and South-East Asia. The startup aims to revolutionize the sportswear market in India.
About Mochiko Shoes:
Founded in 2008 by Virender Awal and a team of five co-founders, Mochiko Shoes manufactures sports shoes for international brands such as Adidas, Puma, and Reebok. The company reported a revenue of Rs 642 crore in the fiscal year 2023. Mochiko is notably India's first sports footwear manufacturer to receive a BIS license, signifying adherence to quality control standards mandated by the Government of India. It operates manufacturing units in various locations, including Dehradun and Noida, employing nearly 10,000 individuals.