Wonderchef, Renowned Chef Sanjeev Kapoor’s promoted appliance brand has raised Rs. 70 crore from a mid-market private equity firm, Amicus Capital Partners which valued the firm at Rs. 700 crores.
The appliance brand came to inception in 2009 through founders Sanjeev Kapoor and former Sodexo Pass India MD Ravi Saxena. It primarily deals with selling premium quality kitchenware appliances, cookware and bakeware under the Wonderchef brand.
Mahesh Parasuraman, co-founder of Amicus Capital said, Wonderchef has been able to build a strong brand in the cookware and kitchen appliance category within a short period of time. We are committed to helping the company emerge into a clear market leader in the next few years.
Notably, the recent funding marks third investment round raised by the company as it has earlier received Rs. 30 crores from Zurich based firm Capvent in 2015 and Rs. 40 crore from French group Labruyere Eberle in 2017.
Ravi Saxena, Founder at Wonderchef said while speaking on the recent development,
The funds will be invested in brand building and expanding capabilities in terms of manufacturing and warehousing. We will also diversify the portfolio with more products.
The company has also clocked a revenue of Rs. 180 crore in fiscal 2017-18 and is expecting to take it along Rs. 600 crore in the coming five years. While earlier the brand sold its wares through alternate routes such as teleshopping and direct sales channel, today it has half its sales coming from multi-brand retailers and its own outlets.