Bangalore based outdoor gear maker Wildcraft has drawn interest from two venture capital firms Sequoia Capital and Norwest Venture Partners, according to a report.
Sequoia capital is investing $10 million in adventure gear manufacturer valuing the brand at $50 million. The term sheet for the same has been issued by Sequoia, the Times of India reported.
Started by Dinesh KS in a garage in Bangalore, in early 90’s, Wildcraft, today boasts of more than a million customers with the brand present in 100 Indian cities through more than 1000 multi brand stores, 200 shop-in-shops and 70 exclusive stores in over 30 cities.
Besides the stores, the company also sells through more than 20 online portals and through its own portal, wildcraft.in. The portal offers free shipping across India (except Maharashtra) and cash on delivery on orders above Rs 500.
Currently, the company has products across categories like Gears, Apparels, Footwear and Equipments. Globally, it competes with brands like North Face, a Chinese travel gear maker, and Quiksilver, an Australian brand in the same category.
Sequoia which traditionally invests in technology companies in markets like the United States, has taken a very different approach to India. In India, it has previously backed beverages chain Cafe Coffee Day, Prataap Snacks , Ready made food company Best Foods Enterprises and Faaso’s among others.