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Motilal Oswal’s private equity arm, MO Alternates invests INR 225 crs/ USD 28 mn in Asian Footwears, a leading footwear brand in the country.

Delhi 10-Oct-2022

Motilal Oswal’s private equity arm, MO Alternates invests INR 225 crs/ USD 28 mn in Asian Footwears, a leading footwear brand in the country.

Delhi, October 10th, 2022: MO Alternate Investment Advisors Private Limited (“MO Alts”), has invested INR 225 crs/ USD 28 mn for a significant minority stake in Asian Footwears Private Limited (“Asian”/ “Company”), a Delhi based footwear company specialising in a wide variety of sports shoes, casual shoes, school shoes and open footwear. Established in early 1990s, ‘Asian’ is a prominent Indian sport shoes brand built around the promise of (1) latest and trendy new designs, and (2) durability at an affordable price. EY acted as the exclusive financial advisor on this transaction.

Endorsed by legendary cricketer Virender Sehwag and official footwear partners of the Delhi Capitals cricket team, Asian is one of the most loved footwear brands in the country. Asian offers more than 500 active styles of shoes between INR 500-1,500 price points. The Company retails its products across e-commerce platforms and through an offline network of 200+ distributors and 10,000+ retailers. The current round of capital infusion will accelerate growth of the company through investments in brand, distribution, people and supply chain infrastructure.

Mr. Rajinder Jindal and Mr. Aayush Jindal, promoters of Asian Footwear said, “Our integrated business model with in-house designing team, robust manufacturing, stringent quality controls and extensive distribution has helped us become a household name in Indian middle class consumption basket. We look forward to further leveraging MO Alts team’s experience of backing category leaders and prudent capital allocation. Their prior experience of value creation in growth stage consumer brands will act as the perfect beacon to help scale the Asian brand both in India and internationally.”

Mr. Vijay Dhanuka, Director and Head of Consumer Sector at MO Alts commented, “India’s branded sports and footwear market is witnessing a rapid growth, driven by increased health and fitness awareness, higher spending on lifestyle products, shift from unbranded to branded plays, and growing preferences for casual, multi-utility shoes. Built on a strong foundation by first generation entrepreneur couple Rajinder Jindal and Kiran Jindal, and currently being led by the second generation IIT Delhi graduate, Aayush, Asian is well-positioned to become a leader in this market and we are very excited to partner with them and create a leading Indian footwear brand both for the domestic and the overseas market. What also really excites us is that emerging players such as Asian with a focus on domestic manufacturing are expected to reduce India’s dependence on imports and help achieve India’s dream of Atmanirbhar Bharat.”

About MO Alternate Investment Advisors

MO Alternate Investment Advisors Private Limited (“MO Alts”) is a subsidiary of Motilal Oswal Financial Services Limited (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Housing Finance, Private Equity and Investment Banking. MO Alts is managing both private equity and real estate funds and cumulatively manages around USD 1.7 bn between the two asset classes. The private equity vertical focuses on providing growth capital to mid-market companies across its preferred sectors of consumer, financial services, life sciences and niche manufacturing, typically in the range of INR 2,000 – 5,000 million. The private equity vertical has, in the last 16 years, made over 38 investments and has completely exited 15 investments, having delivered a gross MOIC of 5.3x (INR) and gross IRR of 25.9% (INR), making it one of the top performing platforms in India. Many portfolio companies of MO Alts have, over the years, scaled to between USD 3-7 bn companies from less than USD 100 mn at the time of investment.

For further details, contact:
Rohini Kute
Motilal Oswal Financial Services Limited Phone: +91-22-39822340
Mobile: +91-98201 96838
Aayush Jindal
Asian Footwears Private Limited Email: info@asianfootwears.com