IPO Note – Khadim Ltd by Ventura

Khadim India (Khadim), established in 1981 is one of the leading footwear brands in India, with a two-pronged focus on retail and distribution of footwear. Khadim is the second largest footwear retailer in India in terms of number of exclusive retail stores operating under the “Khadim’s” brand, with a large presence in East India and a place among of the top three players in South India, in FY16. Moreover, it has the largest footwear retail franchisee network in India in FY16.

Khadim’s core business objective is ‘Fashion for Everyone’, and it has established an identity as an ‘affordable fashion’ brand, catering to the entire family for all occasions. As on June 30, 2017 and FY17, the company ran 853 and 829 ‘Khadim’s’ branded exclusive retail stores across 23 states and one union territory in India, respectively, through its retail business vertical. Further, the company has a network of 377 and 357 distributors in its distribution business vertical in the three month period ended June 30, 2017 and FY17, respectively.


Khadim manages through two distinct business verticals, retail and distribution, each with its customer base, sale channels and product range.


  • The retail business operates through its exclusive retail stores catering to middle and upper middle income consumers in metros (including mini-metros) and Tier I – Tier III cities, who primarily shop in high street stores and malls, for fashionable products.
  • The distribution business is conducted through a wide network of distributors catering to lower and middle income consumers in metros and Tier I – Tier III cities, who primarily shop in multi-brand-outlets (MBO) for functional products. The company is also engaged in the business of institutional sales and export of footwear.

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