[Funding alert] Wonderchef raises Rs 150 Cr led by Sixth Sense Ventures
Home Appliances has raised Rs 150 crore from Sixth Sense Ventures, with participation from others such as Godrej Family office, Malpani Group, and HNIs.
Founded by Ravi Saxena in 2009, Wonderchef has a presence in the premium kitchen appliances brand and markets its products through an omnichannel distribution network. Over the past three years, the company has started developing Wonderchef into a “digital-first” brand with a strong focus on online sales and claimed that sales from the digital route have risen to 50 percent of the total revenue.
Wonderchef founder Ravi Saxena
The funding round is a combination of primary and second investments from investors. In this round, Mauritius-based investment firm Capvent, who invested in Wonderchef in 2015, took an exit.
Wonderchef will use this funding round to strengthen its online presence, expand its distribution network, and enhance brand 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.”
Wonderchef was founded in 2009 and has under its portfolio over 600 products.
Nikhil Vora, Founder of Sixth Sense Ventures, said, “Kitchen is the heart of the home. Kitchen appliances segment in India is expected to grow in double digits driven by growing urbanisation, increasing disposable incomes, and changing lifestyles. 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.”
Sixth Sense Ventures has done the investment from its third fund SSIO III where it has along with the affiliates have invested Rs 90 crore in this transaction.
Founded in 2014, Sixth Sense Ventures currently manages over $500 million across three funds.