The primary capital raised will be used for strengthening online presence and capability, expanding and deepening distribution network, and enhancing branding initiatives.
Wonderchef Home Appliances, one of the fastest growing brands of premium kitchen appliances, cookware, bakeware, cooktops and chimneys, has raised ~INR 150cr (~USD 20mn) from Sixth Sense Ventures. Other investors in this round are Godrej Family office, Malpani group and a few renowned HNIs.
Founded by Ravi Saxena in 2009, company has grown to become the leading premium kitchen appliances brand in India. The company markets its products through an omni-channel distribution network. Over the past 3 years, the company has started developing Wonderchef into a “Digital-First” brand with a strong focus on online sales. This has led to the company’s online sales share to jump from 20% to 50% of the total revenue.
Sixth Sense Ventures along with a group of renowned family offices invested ~INR 150cr in a combination of primary and secondary investment. In this round, Mauritius based investment firm Capvent who had invested in Wonderchef in 2015 took an exit. The primary capital raised will be used for strengthening online presence and capability, expanding and deepening distribution network, and enhancing branding initiatives.
Ravi Saxena, Founder of Wonderchef said, “At Wonderchef, we have continued to develop our business on the back of innovation. The Indian consumer is focussed on quality and value, and our sharp focus on these factors has helped us build deep trust with customers to become one of the major brands in the kitchen appliances category. We are elated and excited about having Sixth Sense on-board in this growth journey as we begin Wonderchef 2.0 journey.”
“Kitchen is the heart of the home. Kitchen appliances segment in India is expected to grow in double digits driven by growing urbanization, increasing disposable incomes, and changing lifestyle. Relentless focus on quality and consistency has helped us to build a strong brand within a short period of time despite competition from well entrenched traditional players. We are excited about the opportunity to partner with Ravi, Chef Sanjeev Kapoor and team Wonderchef towards building a leading kitchen appliances business in India”, said Nikhil Vora, Founder of Sixth Sense Ventures.
Sixth Sense Ventures has done the investment from its third fund Sixth Sense Ventures (SSIO III). SSIO-III and affiliates have invested ~ Rs90crs in this transaction.
Systematix Corporate Services Ltd. acted as the advisors to the transaction.
Source: Business World