Striders Impex

• Striders Impex is coming out with an initial public offering (IPO) of 50,40,000 shares in a price band of Rs 71-72 per equity share. 
• The issue will open on February 26, 2026 and will close on March 02, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.1 times of its face value on the lower side and 7.2 times on the higher side.
• Book running lead manager to the issue is Capitalsquare Advisors.
• Compliance Officer for the issue is Shweta Mahadeo Dagade.

Profile of the company

Striders Impex is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise. It offers end-to-end solutions from product design and development to sourcing, manufacturing and distribution, catering to retail formats across India and select international markets. In addition to developing and distributing license merchandise, it has created and developed a portfolio of proprietary intellectual properties (IPs), including Pugs at Play, Furry Pals, Gurliez, Fanster, Beezy Kits, Minds at Play, SHDZ, Boujees, and Striders. These IPs are strategically designed based on market research and consumer insights, enabling the company to build brand equity, improve margins, and diversify its product mix. Through an asset-light, scalable model and an expanding global footprint, it aims to position itself as a key player in the toy and kids' consumer merchandise.

It caters to a wide demographic, offering products suitable for children from 18 months up to 15 years of age. Through strong licensing arrangements, it has access to multiple well-known international brands. These licensing partnerships enable the company to design, manufacture through third parties and distribute products that feature popular characters and themes, thereby increasing market acceptance and consumer recall. In addition to its operations in India, it has a business presence in the Middle East via Striders FZ LLC its wholly owned subsidiary company, through a network of distributors that supports its international distribution network and strengthens global distribution and client relationships. Its global footprint enables it to closely track emerging trends through its distributor networks, positioning it to rapidly scale and capitalize on opportunities in global markets. 

Its business operations are designed to offer integrated solutions from concept and product design to sourcing, and delivery, ensuring a reliable and efficient supply chain for its partners. This end-to-end capability has made it a preferred supplier for licensed and their owned brand merchandise. With a growing product range, expanding international presence, and focus on licensed intellectual properties, it aims to further enhance its market share and establish itself as a leading player in the toy and kids merchandise segment, both in India and overseas.

Proceed is being used for:

• Funding of working capital requirements of the company
• Investment in Striders FZ LLC, wholly owned subsidiary, to fund its working capital requirements
• Investment in a newly wholly owned subsidiary in mainland UAE to fund its working capital requirements
• Repayment of loans
• General corporate purposes
• Meeting public issue expenses

Industry Overview

India’s back-to-school product market reflects one of the largest and most dynamic consumer segments in the country, with over 220 million school-age children and more than 1.5 million schools across the nation, demand for school-related goods, from notebooks and pens to backpacks, lunch-boxes, water bottles, and accessories, remains consistently high. Driven by a growing school-enrolment rate, rising disposable incomes, and expanding urbanization, the market for core categories such as stationery and school bags has already reached multibillion-dollar scale and continues to show strong growth potential. As consumer preferences evolve, favouring durability, quality, eco-friendly materials, and ready-to-buy bundled school kits, the back-to-school segment is broadening in scope beyond traditional stationery, offering attractive opportunities for manufacturers, retailers, and new entrants across both online and offline chain. 

Based on Product Type, the India Back-to-School Products Market has been segmented into School Bags, Lunch Boxes, Water Bottles/Sippers, Stationary Sets, Kids Accessories, and Kids Luggage. The Stationary Sets segment accounted for the largest market share of 68.49% in 2024 and is expected to maintain its dominance throughout the forecast period. The segment is further expected to register a CAGR of 3.9% during the projected period. On the other hand, the Kids Luggage segment is expected to grow to a CAGR of 6.0% during the forecast period. Further, based on Age Group, the India Back-to-School Products Market has been segmented into Pre-school / Kindergarten, Primary School (6-10 years), and Middle School (11-13 years). The Primary School (6-10 years) segment accounted for the largest market share of 56.25% in 2024 and is expected to maintain its dominance throughout the forecast period. The segment is further expected to register a CAGR of 4.1% during the projected period. On the other hand, the Pre-school / Kindergarten segment is expected to grow to a CAGR of 3.8% during the forecast period.

India's back-to-school economy product market, the largest by volume and available primarily to price-sensitive individuals located both in Urban and Rural locations, is susceptible to fluctuations of the economy. As such, the economic segment offers affordable, functional products that meet the required quality standards and at an acceptable price point. The economy segment contains school bags that are usually made from less expensive materials (e.g., Polyester, Nylon, or Non-Woven Fabric) and designed for maximum durability while maintaining some level of ergonomic comfort through low-cost design features. Similarly, the lunch boxes offered in the economy segment feature additional features (e.g., leak-proof) that protect food but are made of less expensive materials than the premium lunch boxes made of Stainless Steel. Water bottles and Sippers offered in the economy segment are lightweight and made from BPA-free plastic, with basic shapes and limited customization options and colors. Stationery products (i.e., pens, pencils, notebooks) purchased in the economic sector are generally packaged in Bulk and utilize paper of lesser quality than comparable products and are therefore less costly than comparable products. A large percentage of the children's accessory items (i.e., Watches and Sunglasses) manufactured for the economy segment are functional but inexpensive, made by Unknown or Local manufacturers. The economy segment utilizes numerous distributors (e.g. General Trade/Small Retailers) who offer Budget options to parents, Children, and adults. Due to the size of India's Low- to Middle-Income Consumer Population, and the high levels of demand from rural and semi-Urban areas, the economy segment of the Back-To-School industry is gaining a large share of the Back-To-School retail market each year.

Pros and strengths

Asset-light business model: It operates through an asset-light, licensing-led and distribution-focused model that enables efficient capital deployment, rapid scalability, and prudent regulatory compliance. By avoiding capital-intensive manufacturing infrastructure and instead partnering with third-party vendors across geographies, it minimizes fixed overheads while maintaining flexibility in its operations. This structure allows it to scale product offerings swiftly in response to market demand, enhance operating margins, and uphold high standards of compliance with environmental, labour, and industrial laws. The model not only supports a robust and agile supply chain but also ensures transparency and risk mitigation, aligning with both investor expectations and regulatory frameworks.

PAN-India market presence with geographic diversification: It has established a robust geographic footprint with a well-diversified presence across all major regions of India, supported by meaningful contributions from international markets. For FY24-25, the company generated significant revenues from the North Zone (Rs 14.68 crore), East Zone (Rs 3.02 crore), South Zone (Rs 14.40 crore), and West Zone (Rs 25.79 crore), reflecting strong pan-India market penetration. In addition, exports contributed Rs 68 lakh, while its Striders distribution arm recorded Rs 3.42 crore, underscoring a strategically distributed sales model. This regional diversification enables it to reduce over-reliance on any single territory, better manage operational risks, and cater to varied consumer preferences across domestic and international markets. It’s presence across these zones supports scalability, resilience, and long-term sustainable growth. Further, for the period ended December 31, 2025, it has generated revenue from the North Zone (Rs 922.70 lakhs), East Zone (Rs 204.69 lakh), South Zone (Rs 732.67 lakh) and West Zone (Rs 1874.22 lakh).

Trusted licensing partnerships with global brands: It has forged strong relationships with globally renowned licensors, enabling it to develop and distribute a wide portfolio of character-driven and brand-affiliated products. These partnerships enhance product appeal, drive consumer engagement, and allow it to leverage existing brand equity without incurring the costs and timelines of content creation. From an operational standpoint, these alliances support faster product development cycles, improved market penetration, and shelf prominence across diverse retail formats. It adheres to all licensing terms, brand usage protocols, and regulatory requirements, reinforcing its standing as a compliant and dependable partner. This strategic reliance on established IPs contributes to a scalable and resilient business model with improved visibility into revenue streams and consumer demand.

Risks and concerns

Seasonality and demand fluctuation risk: The kids’ merchandising and toy industry is characterised by inherent seasonality, with demand typically peaking during festive periods, holidays, and other gift giving occasions. Further, demand for its back-to-school product portfolio, including bags and school related accessories, is subject to region specific variations arising from differences in academic calendars across various parts of India. During non-peak periods, it may experience lower sales volumes, which could result in reduced revenues, accumulation of excess inventory, and increased inventory holding and carrying costs. Conversely, peak demand periods necessitate accurate demand forecasting and effective coordination across procurement, manufacturing, and logistics functions to ensure timely product availability. Any inaccuracies in forecasting or disruptions in supply chain execution during such periods may lead to stock shortages, lost sales opportunities, delays in order fulfilment, and potential erosion of market share. Seasonal demand patterns also place pressure on its working capital and cash flows, as inventory levels and operating expenditures are required to be built up in advance of peak sales cycles, while revenue realisation is concentrated over relatively shorter timeframes. Although it endeavours to mitigate the impact of seasonality through product diversification, an extensive distribution network, and focused marketing initiatives, there can be no assurance that such measures will be sufficient to offset the effects of seasonal fluctuations. Accordingly, variations in seasonal demand may have a material adverse effect on its business operations, financial condition, results of operations, cash flows, and future growth prospects.

Risk associated with dependence on third-party manufacturers and limited operational control: It relies significantly on third-party manufacturers for the production, assembly, and packaging of its product lines, including both licensed and own-brand offerings. These third-party arrangements form a critical part of its supply chain and operational model, enabling scalability, cost efficiency, and timely market entry. However, reliance on external manufacturers exposes it to risks such as production disruptions, delays in delivery, quality control issues, non-compliance with contractual obligations, and dependence on their financial and operational stability. While its contractual arrangements with Indian manufacturers are formalized through executed agreements, its oversights over their day-to-day operations, procurement practices, labour compliance, inventory management, and adherence to quality and regulatory standards remains inherently limited. Any lapses or deficiencies on their part, whether due to negligence, non-compliance, or capacity constraints, could lead to product quality issues, supply delays, increased costs, or even regulatory scrutiny and reputational harm. Further, its contractual arrangements with such manufacturers are generally subject to periodic renewals, revisions, and renegotiations, and any inability to maintain these arrangements on favourable terms, or at all, may materially and adversely affect its operations, product availability, financial condition, and overall business performance.

Geopolitical and China supply chain risk: A substantial portion of its operations, particularly with respect to manufacturing relies on third-party partners based in the People's Republic of China (China). These include key manufacturing vendors, which play an integral role in the timely procurement, production, and delivery of certain licensed and own-brand products. Geopolitical tensions between India and China such as military stand-offs, border conflicts, retaliatory trade actions, or deterioration of diplomatic relations pose a significant risk to its operations. In the event of war-like situations, such as armed conflict or prolonged military hostilities between the two nations, it may faces sudden and severe disruptions in its supply chain, including: Suspension of cross-border trade and shipping routes; Imposition of embargoes or import/export restrictions; Revocation of business permits or licenses involving Chinese entities; Unavailability of manufacturing capacity due to factory closures or resource diversion; Breakdown in logistics and customs clearance processes. Moreover, war-like conditions may also lead to currency volatility, insurance premium hikes, and force majeure claims, which could result in cost escalations, delays in fulfilling customer orders, and cancellation of supply agreements. Given its current dependency on Chinese partners for manufacturing, any such escalation could materially and adversely affect its business continuity, financial performance, and future expansion plans. While it continues to evaluate alternate sourcing options, the reallocation of production and distribution capabilities may require significant time, investment, and regulatory clearances.

Outlook

Striders Impex is engaged in the business of licensing, own brand development, and distribution of toys and kids' consumer merchandise. It offers end-to-end solutions from product design and development to sourcing, manufacturing and distribution, catering to retail formats across India and select international markets. It holds licensing rights for several global toy brands, supported by a multi-channel distribution network, while also developing its own IPs in toys and consumer products. On the concern side, it operates without executed agreements with certain distributors and manufacturers, which may result into uncertainties in supply, pricing related risks, and potential business disruptions. Moreover, its operations are significantly reliant on the timely availability of adequate working capital and the efficient collection of receivables. Any delays or disruptions in securing necessary working capital or in the recovery of outstanding payments from customers may adversely impact the company's liquidity, operational continuity, and overall financial performance.

The company is coming out with a maiden IPO of 50,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 71-72 per equity share. The aggregate size of the offer is around Rs 35.78 crore to Rs 36.29 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 6,073.11 lakh whereas in FY24 it was Rs 4,170.48 lakh representing an increase of 45.62%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 802.03 lakh and for the year ended March 31, 2024 it was Rs 438.56 lakh representing an increase of 82.88%.

The company aims to strategically expand and deepen its portfolio of proprietary brands and global licensing partnerships to drive long-term value creation. On the proprietary front, it continues to invest in the growth and visibility of its original IPs such as Pugs at Play, Furry Pals, Gurliez, Minds at Play, Beezy Kits, Fanster, SHDZ, Boujee, and Striders, across product categories and consumer segments. These brands are designed to fill identified market gaps, enhance consumer engagement, and offer higher margin opportunities through full control over design, merchandising, and positioning. Further, it is strategically investing in building its direct-to-consumer online channels through e-commerce platforms, while continuing to strengthen its offline distribution network. This omnichannel approach enhances brand visibility, expands global reach, provides valuable consumer insights, and improves long-term profitability by reducing reliance on intermediaries.