Private equity player Lighthouse India Fund III has invested over Rs 250 crore (USD 35 million) to acquire a minority stake in footwear firm Aqualite Industries.
"We strongly believe in the growth story of the footwear industry in India with the current under-penetration and consumer preference shift towards branded wear. Aqualite has achieved scale in the footwear industry, on the back of product quality and relationship with the channel partners," Lighthouse Partner Sachin Bhartiya said.
Aqualite offers more than 6,500 stock keeping units (SKUs) in hawai, non-hawai and shoe product categories.
The company operates through its manufacturing units located across Haryana and Rajasthan. It has a pan-India distribution network of 35,000 retailers, with a significant presence in the north and east India.
Aqualite Industries is expecting a turnover of over Rs 800 crore in the current financial year.
Aqualite Industries Founder Davinder Gupta said the company plans to utilise the capital for marketing, capacity expansion and growth plans.
Lighthouse has backed marquee consumer-centric brands including Bikaji Foods, Kama Ayurveda, FabIndia, Wow! Momo, value retailer V2 Retail and sanitary ware brand Cera.
Aqualite marks the fourth investment for Lighthouse in the current year. Last month, the fund invested Rs 160 crore in Duroflex, a leading mattress brand in south India. In September, it made an investment of Rs 113 crore in beauty retailer Nykaa in June. It also invested Rs 83 crore in Tynor Orthotics, a leading orthotic soft goods brand.
(With inputs from agencies.)