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Sequoia & Flipkart Backed Wildcraft Kickstarts Trek To D-Street; Eyes 2022 IPO

According to its website, Wildcraft was incorporated in 1998 and is engaged in the manufacturing and distribution of head-to-toe products for trek-to-travel solutions and its founders include Dinesh KS, Gaurav Dublish and Siddharth Sood. In 2013, Wildcraft raised $11 mn from Sequoia Capital. Later in 2018, the firm saw investments from Flipkart Group ( providing it a distribution platform via Myntra) and Asia focused fund FidelisWorld ( which said it would leverage its global network to help the business grow in India and overseas)

February 25, 2022 / 03:51 PM IST

Leading outdoor and adventure products maker Wildcraft India, which is backed by venture capital firm Sequoia Capital, Flipkart and private equity firm FidelisWorld has joined the India IPO bandwagon and initiated the process for a 2022 listing, multiple sources in the know told Moneycontrol.

“Wildcraft has taken on board investment banks JM Financial and SBI Capital for the proposed IPO. More advisors may be taken on later if required. The process was kicked off recently,” said one of the two persons above

A second person said the IPO would be a combination of primary and secondary issue of shares and would facilitate a partial exit for the investors and also help to raise growth capital. He added the size of the IPO could be in excess of Rs 750 crores though it was too early to take a final call around the quantum.

A third person confirmed the same.

According to a fourth person, “ The market had been tough for players like Wildcraft due to the Covid-19 triggered lockdown, but the worst is behind and the firm is doing well now. “

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In 2020, hit by travel bans, the firm tilted focus to manufacturing PPE suits, face masks and tactical gear to tap revenues.

The Bengaluru-based firm, which has faced competition from the likes of Decathlon India, had clocked a CAGR of 35-40 percent with a turnover of Rs 400 crore in FY17, Rs 500 crore in FY18 and had set a target of crossing the Rs 1,000 crore milestone by 2020, a PTI report said.

Also Read: Wildcraft aims to become largest lifestyle player in India this year

The fourth person added the final size of the IPO could possibly be in excess of Rs 1000 crores but would depend on how much stake would be sold by investors like Sequoia.

All four persons spoke to Moneycontrol on the condition of anonymity.

In response to an email query from Moneycontrol, Sequoia Capital declined to comment. Moneycontrol has sent reminders and is awaiting a response from Wildcraft, FidelisWorld and Flipkart and will update this story as soon as we hear from them.

THE WILDCRAFT TRAIL SO FAR

According to its website, Wildcraft was incorporated in 1998 and is engaged in the manufacturing and distribution of head-to-toe products for trek-to-travel solutions, serving more than 3.5 million customers annually. Its founders include Dinesh KS, Gaurav Dublish, and Siddharth Sood and the firm is present in categories like essentials, packs, and gears, clothing, footwear, rainwear, innerwear, and winter wear.

The website says Wildcraft has a footprint of 200+ exclusive brand stores across 60+ cities with 5000+ retail points of sale across India. This also includes over 1000 points of sale across departmental stores & hypermarkets. In November 2019, the firm bagged an order from the Ministry of Defence to make rucksacks for the Indian army.

In 2013, Wildcraft raised $11 mn from Sequoia Capital. Later in 2018, the firm saw investments from Flipkart Group ( providing it a distribution platform via Myntra) and Asia-focused fund FidelisWorld ( which said it would leverage its global network to help the business grow in India and overseas).



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Ashwin Mohan
first published: Feb 25, 2022 03:51 pm
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