In a strategic move that’s set to reshape India’s sportswear landscape, Agilitas Sports, co-founded by Abhishek Ganguly, the former Managing Director of Puma India & South East Asia, announced its acquisition of Mochiko Shoes. This acquisition, shrouded in secrecy regarding the transaction amount, marks a significant milestone for both companies and the Indian sports footwear industry as a whole.
Agilitas Sports, a dynamic sportswear and Athleisure solutions platform, has been making waves in the industry since its inception. Founded earlier this year by Ganguly, along with Atul Bajaj, the executive director for sales and operations, and CFO Amit Prabhu, the company has garnered substantial financial support, raising Rs 400 crore from Convergent Finance and an additional Rs 30 crore from individual investors. This financial backing served as a springboard for their audacious move into the acquisition territory.
On the other side of this transformative deal is Mochiko Shoes, the undisputed leader in India’s sports footwear manufacturing sector. With an impressive portfolio boasting collaborations with renowned international brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo, Mochiko Shoes has firmly established itself as a manufacturing powerhouse and preferred partner to these global giants.
Mochiko Shoes’ manufacturing prowess, operational excellence, and strategic partnerships align seamlessly with India’s ‘Make in India’ initiative and cater to the soaring aspirations of the nation, armed with its burgeoning youth population. Agilitas Sports CEO & Co-Founder Abhishek Ganguly expressed his vision for the acquisition, stating, “Mochiko’s manufacturing capabilities, operational excellence, and strategic partnerships with leading global giants position 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.”
The financial year ending in March 2023 witnessed Mochiko Shoes’ remarkable performance, with revenues totaling a staggering Rs 642 crore. An additional feather in its cap is the distinction of being India’s first sports footwear manufacturer to receive a Bureau of Indian Standards (BIS) license—a testament to its commitment to quality and excellence in its products.
According to a joint statement by Agilitas Sports and Mochiko Shoes, projections for the current fiscal year indicate even greater strides for the company, with expected revenues surging to Rs 820 crore. This projection, backed by strategic planning and a robust market presence, signifies an anticipated YoY growth rate of 30%, solidifying Mochiko Shoes’ dominance in the industry.
The manufacturing footprint of Mochiko Shoes spans multiple locations across India, with units in Dehradun and Rishikesh in Uttarakhand, as well as Noida in the National Capital Region (NCR). This extensive network is further bolstered by its dedicated workforce, employing nearly 10,000 individuals who contribute to the company’s operational excellence and unmatched product quality.
The acquisition of Mochiko Shoes by Agilitas Sports is poised to bring about transformative changes in India’s sports footwear industry. It represents a powerful synergy between two industry giants, combining Agilitas Sports’ innovative approach and financial acumen with Mochiko Shoes’ manufacturing prowess and extensive brand partnerships. This union not only reinforces the ‘Make in India’ initiative but also underscores the nation’s potential as a burgeoning economic superpower, driven by its youthful demographic.
Abhishek Ganguly’s departure from Puma India earlier this year, alongside Atul Bajaj and Amit Prabhu, was a strategic move that set the stage for the birth of Agilitas Sports. These industry veterans, armed with a vision and backed by substantial financial support, have wasted no time in making their mark. Their foray into the sports footwear manufacturing segment, through the acquisition of Mochiko Shoes, underscores their commitment to transforming India’s sportswear landscape.
As Abhishek Ganguly, the CEO and Co-Founder of Agilitas Sports, puts it, “Our acquisition of Mochiko Shoes is a testament to our dedication to elevating India’s sportswear industry to new heights. We are committed to delivering the highest quality products and contributing to India’s economic growth through ‘Make in India.’ With the acquisition of Mochiko Shoes, we are well on our way to achieving these goals.”
The undisclosed transaction amount, while shrouded in mystery, reflects the strategic significance and careful planning that went into this acquisition. Both Agilitas Sports and Mochiko Shoes are set to benefit immensely from this collaboration, leveraging each other’s strengths to create a formidable force in India’s sports footwear sector.
As we look ahead, the coming months will undoubtedly witness the fruits of this momentous acquisition, as Agilitas Sports and Mochiko Shoes work in tandem to innovate, produce, and deliver cutting-edge sportswear solutions to India and the world. The ‘Make in India’ initiative will find renewed vigor through this partnership, and consumers can anticipate a wider range of high-quality sports footwear options, manufactured right here in India.
In conclusion, the acquisition of Mochiko Shoes by Agilitas Sports, led by former Puma MD Abhishek Ganguly, represents a game-changing moment in India’s sports footwear industry. With a commitment to quality, innovation, and the ‘Make in India’ initiative, this partnership is poised to elevate India’s standing on the global stage and meet the aspirations of a nation brimming with youthful energy and potential. As these two industry giants join forces, the future of Indian sportswear has never looked brighter.