The capital will be used to accelerate branding and promotional activities, expand distribution and supply chain, and hire more professionals
The Motilal Oswal group’s India Business Excellence Fund – IV, managed and advised by MO Alternate Investment Advisors (MOPE), has invested $28 million (Rs 225 crore) in Asian Footwears, based in New Delhi.
The mid-market focused private equity fund has acquired a significant minority stake in the footwear manufacturer, which markets a wide range of sports shoes, casual shoes, school shoes, and open footwear under the brand name ‘Asian.’
The nearly three-decade-old brand claims to offer over 500 different shoe styles ranging in price from Rs 500 to Rs 1,500. The company sells its products through e-commerce platforms as well as an offline network of over 200 distributors and 10,000 retailers.
The capital will be used to accelerate branding and promotional activities, expand distribution and supply chain, and hire more professionals.
Asian competes with TPG-backed Campus Activewear, which went public earlier this year, and ace broker Rakesh Jhunjhunwala-backed Metro Brands, which will go public in December 2021.
Eco-friendly footwear brand Neeman’s was previously reported to be in talks with several homegrown private equity funds and growth investors to raise funding at a valuation of nearly $40 million in the upcoming startup segment. Sixth Sense Ventures, an existing investor, had already contributed Rs 40 crore to this round.
MOPE recently completed the fourth fund’s final close at Rs 4,500 crore. The fund has already made three investments, including Pathkind, a diagnostic chain promoted by the Mankind Pharma group, and Simpolo, a premium tile player and parent company of gifting platform IGP.com.
The fourth fund, managed by Motilal Oswal Alternate Investment Advisors and led by Vishal Tulsyan and Raamdeo Agrawal, is much larger than the third vehicle, which raised over Rs 2,300 crore ($320 million) in 2018.
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