Outdoor gear manufacturer Wildcraft is planning to enter the Middle East market by the end of the current financial year.
The city-based company also said it will enter the Southeast Asian market in another 12-18 months.
“We are planning to expand to countries which have climates like India. We have spent our research development in figuring out the products that are required for these markets,’’ said Wildcraft co-founder Siddarth Sood.
The company, which has revenue of about Rs.250 crore, is targeting a 40 per cent growth in revenue at Rs.2,000 crore by 2020. As part of its growth plan, Wildcraft is expanding its retail presence in India. The company, which runs around 120 exclusive stores in 55 cities, is planning to open around 40-50 stores every year.
“We have historically grown at around 80 per cent, and this year we are growing at 65 per cent. So, with this growth rate we believe that we can achieve our target by 2020,” Mr. Sood added.
When asked whether it plans to raise funds to help expansion plan, Mr. Sood, said, “We will have a requirement of another $50-70 million, which we will raise through internal accruals and debt equity over a period.’’
In 2013, the company had raised around Rs.70 crore from Silicon Valley-based venture capital fund Sequoia Capital.
Wildcraft also unveiled on Wednesday a new brand identity and head-to-toe strategy as part of positioning itself as the most preferred outdoor gear brand in the country.
It also said that by 2020, it expected apparel and footwear to contribute 40 per cent of its top-line and equipment 60 per cent.
