TPG Growth takes stake in India casual sports and footwear brand Campus Activewear

TPG Growth and QRG Enterprises, the family office of the promoters of Havells Group, have made an undisclosed investment in Campus Activewear, an India-based casual sports and footwear brand. In addition to the funding, Puneet Bhatia, partner and country head of India for TPG and Anil Rai Gupta from Havells Group, will join Campus Activewear’s board.


New Delhi, San Francisco, and Fort Worth, Texas – August 31, 2017 – TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, and QRG Enterprises Limited, the family office of the promoters of Havells Group, today announced they have made a minority investment in Campus Activewear (Campus). Campus is India’s largest casual sports and footwear brand. As part of the transaction, Mr. Puneet Bhatia, Partner and Country Head of India for TPG, and Mr. Anil Rai Gupta, from Havells Group, will join the company’s board.

“Our nation’s growing population – across all ages – desires affordable, high-quality footwear. With more than 35 years of experience in the industry, we pride ourselves on our ability to create a product that satisfies these preferences,” said Mr. Nikhil Aggarwal, CEO of Campus. “Leveraging the resources, on-the-ground knowledge, and business building experience of our new partners at TPG Growth and QRG, we become even better equipped to provide India’s consumers with the footwear that carries them through their day-to-day.”

Today, the “Campus” brand enjoys strong preference among Indian consumers. With a constant focus on innovation, Campus launches more than 200 new designs each year and currently offers more than 800 product designs across the casual, sport, school, and sandal shoe categories.

“An integrated business model with in-house design, prototyping, manufacturing, and distribution capabilities has helped us continuously innovate and cater to the taste of diverse Indian demographics,” said Mr. HK Agarwal, CMD of Campus. “We are eager to work with TPG Growth and QRG to reach more customers through enhanced distribution, diversified channels, and product expansion.”

Mr. HK Agarwal founded the “Action” brand in 1983, which became a household name in the casual and sports footwear segment in India. He is credited with its immense success. Inheriting the rich legacy of the brand and drawing on his deep insight pertaining to the Indian footwear industry, Mr. Agarwal curated the “Campus” brand in 1997.

“Driven by an increased attention to health and wellness and growing preferences for casual, multi-use shoes, India’s sports and footwear market is growing quickly,” said Mr. Bhatia. “Campus is very well-positioned to lead this market. The company has created a trusted, far-reaching brand with significant growth potential.”

“I have long known Campus for its product innovation and deep understanding of the Indian consumer,” said Mr. Gupta. “I am excited by Campus’ expanding product offering, growing market position, and strong brand loyalty. Having led Havells through its transformation into a consumer brand, I look forward to sharing our learnings with Campus management.”

TPG has a history of partnering with leading consumer and retail companies globally. Select investments across platforms have included Lenskart, an India-based omni-channel eyewear platform; Ducati, a European designer, manufacturer, and distributor of sport motorcycles; and Li-Ning, a Beijing-based leading sportswear brand. The firm has been investing in India for nearly 15 years and has partnered with companies across a wide range of industries, including Janalakshmi, Healthium Medtech, Manipal Health, and Vishal Megamart.

About Campus Activewear
Incorporated in 2006, Campus Activewear is one of the leading players in organized sports & casual footwear sector in India. The flagship brand “Campus”, in recent years, has emerged as the largest domestic sports and casual footwear brand in India. The company’s products are available via an expansive pan-India network of over 15,000 multi-brand retail stores, company-owned exclusive outlets and e-commerce portals.

About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit

QRG Enterprises Limited is the promoter entity of Havells India Limited, India’s leading FMEG Company. The Group has committed niche investments in MFI and start-up ventures. It has also promoted hospitals in the NCR region. QRG Foundation is engaged in philanthropic activities of mid-day meal, hygiene awareness and toilets for girls in the semi-urban areas.