Former PUMA India Executives’ Sportswear Startup Agilitas Acquires Mochiko

Bengaluru-based sportswear startup Agilitas Sports has acquired Mochiko Shoes, India’s largest sports footwear manufacturer for the domestic market, for an undisclosed consideration.

The development comes months after Agilitas raised $52 Mn in funding from Convergent Finance and a clutch of angel investors. 

With the acquisition, Agilitas will now look to kickstart manufacturing products across sportswear and athleisure categories, it said in a statement.

“This acquisition augments Agilitas’ value proposition, by strengthening our supply chain in the rapidly growing sports footwear market. 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’,” said Abhishek Ganguly, CEO and cofounder of Agilitas Sports and former Puma India and SEA MD.

Set up in 2008 by Virender Awal and a cofounding team of five, Mochiko Shoes 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 posted a revenue of INR 642 Cr in FY23. Its manufacturing units are located in Dehradun, Rishikesh and Noida. The company employs nearly 10,000 individuals across its operations.

With end-to-end manufacturing capabilities, Mochiko is the first sports footwear manufacturer in India to receive a BIS licence and is fully compliant with the Quality Control Orders (QCOs) by the Indian government, the statement said.

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. It aims to redefine the sportswear industry by integrating innovation and technology across the product value chain from the factory floor to the retail shelf.

As per a report, the homegrown sports apparel market was pegged at $579.47 Mn in 2021 and is projected to soar to $2.23 Bn by 2029. This growth will be fueled by rising disposable incomes and a growing middle class, which has spurred the rise of several Indian startups which are trying to grab a pie of the sportswear market.