Bengaluru-based sportswear startup Agilitas Sports has acquired Mochiko Shoes, India’s largest sports footwear manufacturer for the domestic market. The amount of the deal is still undisclosed.
The development comes months after Agilitas raised $52 million in funding from Convergent Finance and a clutch of angel investors.
Agilitas said in a statement that, with the acquisition, it will now look to kickstart manufacturing products across sportswear and athleisure categories.
Mochiko Shoes was founded by Virender Awal in 2008. It has ties with brands like Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo, and manufactures their products in India.
Mochiko recorded a revenue of Rs 642 crore in FY23. Its manufacturing units are located in Dehradun, Rishikesh, and Noida. The company employs nearly 10,000 individuals across its operations.
Awal, founder and CEO of Mochiko Shoes, said, “Joining the Agilitas family propels our ambitions. We are now poised to enhance long-term investments, addressing the soaring demand in the Sports and Athleisure footwear sector.”
Founded by former PUMA India executives Ganguly, Atul Bajaj, and Amit Prabhu, Agilitas Sports offers sportswear and athleisure products.