Asia-focussed technology, media, and entertainment fund FidelisWorld has invested an undisclosed amount in Bengaluru-based Wildcraft, an outdoor gear, apparel, and footwear brand in the country.
In a statement on Monday, Mauritius-based FidelisWorld said it will leverage its global network to help Wildcraft grow its business in India and internationally. Prior to the funding, Wildcraft had raised $11 million from Sequoia Capital in lieu of a 20% stake in 2013. Earlier this year, fashion e-tailer Myntra, and its parent Flipkart, had picked up a minority stake in Wildcraft for an undisclosed amount.
The decade-long partnership with Wildcraft is a part of Myntra’s Brand Accelerator programme, which focusses on helping entrepreneurs looking to create what it calls “the next big fashion and lifestyle brand” in the country. The Brand Accelerator programme was launched last year. Myntra provides Wildcraft with a large distribution platform for its business.
“Wildcraft’s products are targeted towards solving for the unique outdoor needs by addressing the region’s unique conditions around weather, terrain and distances. We are confident that Wildcraft has what it takes to replicate its formidable domestic position in this space globally. We are excited to be a part of this growth story,” said Rajeev Kalambi, principal at FidelisWorld, who has joined Wildcraft’s board as director.
Wildcraft was founded by Siddharth Sood, Gaurav Dublish, and Dinesh Kaigonahalli in 1998. Its products are available in 175 exclusive stores and in over 5,000 multi-brand stores across more than 500 Indian cities, with manufacturing units in Bengaluru and Himachal Pradesh. It also distributes its products in South Asia, the Middle East, and Central Asia. Wildcraft intends to open 20-30 stores each year and has its products available in South-East Asia and the Middle East.
“Their (FidelisWorld’s) financial and operational support will help accelerate Wildcraft’s growth plans,” said Siddharth Sood and Gaurav Dublish in the statement.
Shardul Amarchand Mangaldas acted as the legal advisor to FidelisWorld for this transaction. Spark Capital acted as Wildcraft’s transaction advisors, and ArgusPartners as Wildcraft’s legal advisors.
Investment firm FidelisWorld provides growth equity capital to companies operating in applied technology, media, and entertainment/consumer sectors. Its India portfolio includes Sachin Tendulkar-backed virtual sports and entertainment firm Smaaash Entertainment, and sports-focussed content and technology solutions company, Sportz Interactive, among others. In March, FidelisWorld announced its maiden exit from Technology Frontiers (Techfront). FidelisWorld fully exited its investment in Techfront to Emerald Media, the pan-Asia company backed by leading global investment firm KKR, achieving an exit multiple of two times invested capital. FidelisWorld first invested in Techfront in 2014.