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Lighthouse invests Rs 250 cr in footwear brand Aqualite for minority stake

Press Trust of India  |  New Delhi 

Lighthouse Fund III has invested over Rs 250 crore (USD 35 million) to acquire a minority stake in footwear firm

"We strongly believe in the growth story of the footwear industry in 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," 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 and It has a pan-distribution network of 35,000 retailers, with significant presence in north and

is expecting a turnover of over Rs 800 crore in the current financial year.

Founder 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, 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 In September, it made an investment of Rs 113 crore in in June. It also invested Rs 83 crore in Tynor Orthotics, a leading orthotic soft goods brand.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 16:40 IST