Lighthouse buys minority stake in footwear brand Aqualite for Rs 250 crore

By

Maverick Martins

Published
Dec 5, 2018

Lighthouse India Fund III, Limited, an affiliate of Lighthouse Advisors, has acquired a minority stake in Aqualite Industries, one of India’s leading footwear companies for Rs 250 crore (approx $35 million).
 

Aqualite has said that it will be using the funds raised from Lighthouse for marketing, capacity expansion, and growth plans.
 
Commenting on the investment, Sachin Bhartiya a partner at Lighthouse, in a statement said, “We strongly believe in the growth story of footwear Industry in India. Aqualite has achieved scale in the footwear industry, on back of product quality and relationship with the channel partners. We are very excited by the growth opportunity ahead of the company.”

Davinder Gupta, founder at Aqualite Industries, added, “We are very excited to partner with Lighthouse, given their impressive track record of investments in over twenty-five brands. We look forward to their support and guidance for our next leg of growth. We plan to utilize the capital for marketing, capacity expansion, and growth plans.”
 
Aqualite is one of the country leading footwear firms and has manufacturing units located across Haryana and Rajasthan. It has a pan-India distribution network of 35,000 retailers, with a strong presence in the north and east India. It is expecting a turnover of over Rs 800 crore in the current financial year.