Abhishek Ganguly, the former head of Puma India, founded Agilitas Sports, a platform for sportswear and athleisure solutions, and it has made its first acquisition. In an all-cash agreement, the company purchased Mochiko, the most significant sports shoe producer in the nation.
Although Ganguly withheld the purchase’s financial amount, he did mention that Mochiko, situated in Gurugram, produces shoes for well-known international companies including Adidas, Puma, New Balance, Skechers, Reebok, Asics, Crocs, Decathlon, Clarks, and US Polo.
“Mochiko is the first such manufacturer in India that is BIS approved. We will invest further in technology, capacity and enhance the quality of products. It will also enable brands to have a supply chain that is closer to the consumer. The Mochiko management team will continue to operate the business “.
Mochiko, which was founded in 2008 by Virender Awal and a founding team of five people, has manufacturing facilities in Dehradun, Rishikesh (Uttarakhand), and Noida.
“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’, and to cater to the rising aspirations of an economic superpower with the largest youth population,” Ganguly added.
Awal claimed that Mochiko is now prepared to increase long-term investments in order to meet the industry’s increasing demand for athletic and athleisure footwear. Over the next five to six years, “we envision multi-fold and multifaceted growth in our business, adding jobs and livelihoods,” he continued.
Atul Bajaj and Amit Prabhu, who worked with Ganguly at Puma India, are also cofounders of Agilitas. In August, they left Puma India.