[Funding alert] Wonderchef is raising Rs 150 Cr under the direction of Sixth Sense Ventures
Home appliances has raised Rs 150 crore from Sixth Sense Ventures, with the participation of others like Godrej Family Office, Malpani Group, and HNIs.
Founded by Ravi Saxena In 2009 Wonderchef is present in the premium kitchen appliance brand and markets its products via an omnichannel sales network. Over the past three years, the company has begun developing Wonderchef into a “digital first” brand with a strong focus on online sales, claiming that sales have grown digitally on 50 percent of total sales.
Wonderchef founder Ravi Saxena
The financing round is a combination of primary and secondary investments by investors. In this round, the Mauritius-based investment firm Capvent, who invested in Wonderchef in 2015, got out.
Wonderchef will use this funding round to strengthen its online presence, expand its distribution network and promote branding initiatives.
Ravi Saxena, founder of Wonderchef, said: “At Wonderchef we have developed our business based on innovation. The Indian consumer is focused on quality and value and our strong focus on these factors has helped us build a deep trust with customers to become one of the top brands in the kitchen appliance category. ”
Wonderchef was founded in 2009 and has over in its portfolio 600 products.
Nikhil Vora, Founder of Sixth Sense Ventures, said: “The kitchen is the heart of the house. The kitchen appliance segment in India is expected to grow at double digits, driven by increasing urbanization, increasing disposable incomes and changing lifestyles. The consistent focus on quality and consistency has helped us to build a strong brand within a short period of time despite the competition from established traditional companies. “
Sixth Sense Ventures made the investment from its third fund SSIO III where it has invested together with the affiliated companies Rs 90 crore in this transaction.
Sixth Sense Ventures was founded in 2014 and currently manages over $ 500 million across three funds.