Sequoia Capital and Norwest Venture Partners are backing Bangalore-based outdoor-gear maker Wildcraft with a $10-million investment. The funds are valuing the backpack and rucksack brand at nearly $50 million. The fund raising is part of the strategy to transformWildcraft from mostly a technical outdoor gear to a broader lifestyle and leisure business.
Wildcraft's sales are nearing Rs 100 crore up from just Rs.1 crore in FY07. The company operates over 60 exclusive stores, over 200 shop-in-shop formats and is present across 1,000 multi-brand channels across 50 cities.
Source: Times of India
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