Bangalore, India – March 31, 2010: Sequoia Capital today announced that it has invested Rs 50 Crores in Stovekraft, a leading Bangalore based company manufacturing and marketing kitchen appliances and modular kitchens. With this investment, Sandeep Singhal, Managing Director, Sequoia Capital will join the board of Stovekraft and support the company in its aggressive growth plan.
Stovekraft’s flagship brands, Pigeon and Gilma, address the needs of consumers through an array of products complementing their lifestyle. While products under the Pigeon brand provide value for money, Gilma branded products are targeted at the premium segment.
Sandeep Singhal said, "Stovekraft has consistently outperformed the market and demonstrated over fifty percent compounded growth annually. We are excited to back Rajendra Gandhi and his team as they continue to build a high-quality consumer franchise.”
“Today, our flagship brands are synonymous with quality kitchenware products and the confidence reposed in us by Sequoia Capital is a testimony to our success. We have very aggressive growth plans and will continue to expand our footprint across India,” said Rajendra Gandhi, Chairman and Managing Director, Stovekraft Private Ltd.
About Sequoia Capital
Sequoia Capital currently manages funds capitalized at close to US $1.8 billion and invests across venture, growth and late stage opportunities in India. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 9 years, Sequoia Capital has invested in more than 50 Indian companies including Café Coffee Day, Comviva (Bharti Telesoft), Dr Lal Pathlabs, Edelweiss, Firstsource, GVK Biosciences, Idea Cellular, Ind-Barath Power, Just Dial, Shaadi.com and SKS Microfinance. Sequoia Capital operates out of offices in Bangalore, Mumbai and New Delhi.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers. Sequoia Capital maintains dedicated teams in the US, China, India and Israel.
For more information, kindly visit: http://www.sequoiacap.com/india.
About Stovekraft Private Ltd.
Stovekraft Private Limited was incorporated in 1999, commencing with manufacturing LPG Stoves for others. In 2004, Stovekraft launched 'Pigeon', positioned as a value-for-money brand in the kitchen appliances space. In 2006, products such as chimneys and hobs were launched under the lifestyle brand 'Gilma'. By providing excellent value to customers, Stovekraft has consolidated its position as a leader in LPG stoves in India and is also one of the dominant players in other kitchen appliances like pressure cookers, non-stick cookware, kerosene wick stoves etc. With recent launches of niche products like glass-top cook-tops and induction cook-tops, and the setting up of excellent production infrastructure near Bangalore and in Baddi, Stovekraft is all set to make its brands national very soon.