Celebrity chef Sanjeev Kapoor-promoted appliances brand Wonderchef has raised Rs 70 crore from Amicus Capital Partners, a mid-market focussed private equity firm. According to reports, the nine-year-old startup values at Rs. 700 cr.
Wonderchef was created by two enthusiasts, Mr. Ravi Saxena and Chef Sanjeev Kapoor in 2009. The company has strong multi-channel sales platforms like 5000 multi-brand retail outlets, direct sales network of 50,000 women, teleshopping, e-commerce and a chain of exclusive retail store.
This is the third funding raised by the company. It received Rs 30 crore from Zurich-headquartered investment firm Capvent in 2015 and raised another Rs 40 crore from French group Labruyere Eberle last year.
The co-founder of Wonderchef, Ravi Saxena said, “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.”
Wonderchef was one of the fastest company to grow from zero to over 200 cr. level. It achieved this feat within 7 years. The company claims to have a revenue of Rs 180 crore in FY17-18 and hopes to reach Rs 600 crore in the next five years.
“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”, said Mahesh Parasuraman, co-founder of Amicus Capital.