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Mumbai : MO Alternate Investment Advisors Private Limited (“MO Alts”), has investedINR 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,schoolshoes and open footwear. Established in early 1990s, ‘Asian’ is a prominent Indian sportshoes 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 ofshoes 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.”

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