India Retailing has reported that Agilitas Sports, co-founded by former Puma India & South East Asia Managing Director Abhishek Ganguly, will acquire Mochiko Shoes for an undisclosed amount.
Agilitas Sports is a platform for sportswear and athleisure solutions, while Mochiko is India’s largest manufacturer of sports footwear, producing for international brands such as Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks and US Polo.
Ganguly left Puma India earlier this year along with the Executive Director of Sales and Operations, Atul Bajaj, and Chief Financial Officer, Amit Prabhu, to then form Agilitas Sports. The company raised 4,000,000,000 rupees (€45.2 million) through Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan, and another Rs 300,000,000 (€3.4 million) from individual investors.
In the fiscal year ending March 2023, Mochiko reported sales of Rs 6,420,000,000 (€72.5 million). With fully integrated, end-to-end manufacturing capabilities, Mochiko is the first sports footwear manufacturer in India to receive BIS certification and is fully compliant with the soon-to-be-implemented Quality Control Orders (QCOs) by the Government of India. The BIS certification, which aims to promote “Made in India” products, is issued by the Bureau of Indian Standards (BIS) and guarantees a product’s quality, reliability and safety.
Gurgaon-based Mochiko has manufacturing facilities in Dehradun and Rishikesh in Uttarakhand and in Noida in the National Capital Region (NCR) and employs nearly 10,000 people.
