Another hot domestic consumer story is about to hit the streets, with Moneycontrol reporting Wildcraft, which makes affordable hiking gear, backpacks, tents, knapsacks and such, is prepping for an early 2022 bid.
Quick backstory: the brand was founded in 1998 by a trio, initially focused on making tents for hardcore campers. In the last 10 years however, they slowly entered the casual/recreational hiking arena — appealing to the average guy.
In 2013, Sequoia led an $11 million round in the company. Growth really went boom when Flipkart wrote a check and paired them with Myntra’s distribution. Meanwhile, an Insta-ready generation was actively looking for great-quality & affordable gear to make those Himachal trips happen… and the rest is history!
Wildcraft today runs 2 manufacturing units in KA and Himachal, hiring about 1,000 people nationwide, selling products through 200+ of its own stores.
Financials seem great too: Wildcraft had finished FY21 (year of COVID) with about ₹1,000 crores in revenues, with ~20-25% growth rates. During the pandemic, the company ventured into Hazmat suits and Masks, and a lifestyle clothing lineup is now in the pipeline too.
Analysts say the IPO will be about ~₹750 crores in size.
Bottomline — great story, but the times when stories-only could sell on the street are behind us. Profitability and valuation will dictate fate.