Kitchen home equipment maker Wonderchef Residence Home equipment Pvt Ltd has raised Rs 150 crore ($20 million) in a brand new spherical of funding led by consumer-focused enterprise capital (VC) agency Sixth Sense Ventures.
FMCG main Godrej’s household workplace and Malpani Group are amongst different traders who participated on this transaction. In addition to major infusion, Zurich-headquartered funding agency Capvent made an entire exit from the corporate. Capvent had invested $10 million in Wondercheg in 2015. The corporate additionally counts mid-market non-public fairness fund Amicus Capital as its institutional investor.
VCCircle was the primary to report that the superstar chef Sanjeev Kapoor-promoted model is in superior stage of talks with Sixth Sense Ventures to boost funding at Rs 1,000- Rs 1,500 crore valuation. In line with an individual acquainted with the event, Sixth Sense has invested round $10 million on this spherical.
Wonderchef will primarily use the capital for strengthening on-line presence and increasing and deepening distribution community.
“Kitchen is the center of the house. Kitchen home equipment section in India is predicted to develop in double digits pushed by rising urbanization, rising disposable incomes, and altering way of life. Relentless give attention to high quality and consistency has helped us to construct a powerful model inside a brief time frame regardless of competitors from effectively entrenched conventional gamers,” stated Nikhil Vora, founder at Sixth Sense Ventures.
The house home equipment agency was based in 2009 by Kapoor and Ravi Saxena, an electronics engineer who has labored with manufacturers like Sodexo Vouchers and Gloria Jean’s Coffees.
Wonderchef’s merchandise embrace non-stick cookware and kitchen home equipment similar to cold-press juicers, cooktops, ovens, bakeware, mixer-grinders, air-fryers and toasters.
Sixth Sense was based in 2014 by Nikhil Vora, former managing director and co-head of analysis at IDFC Securities. He was additionally an early investor within the Paytm dad or mum One97 Communications Ltd, and walked away with a 75-fold acquire on the funding by promoting his stake to Chinese language e-commerce large Alibaba.
Earlier within the day, VCCircle reported that Sixth Sense Ventures has invested in trend jewelry startup GIVA.
Final month, the funding agency put round $7 million in pet care startup Dogsee Chew. Earlier, in the identical month, VCCircle reported that Sixth Sense Ventures is ready to shut its third fund at Rs 2,300- 2,400 crore ($309-323 million), which is at the least 60% increased than the preliminary goal. It is usually one of many largest home funds raised by any Indian enterprise capital (VC) fund.
In July, Sixth Sense Ventures invested in plant-based meat firm GoodDot Meals Pvt Ltd. Its investments in Veeba Meals, Soothe Healthcare (Paree), LEAP India, Fullife, and Eupheus Studying are some examples of the agency’s profitable bets through the years.
Not an excessive amount of exercise has been reported within the kitchen home equipment section prior to now few years.
Earlier this 12 months, house home equipment model Lifelong India On-line was reported to be in discussions with a number of homegrown non-public fairness companies to boost its Collection B spherical of funding. Later it additionally reached out to US-based funds.
In February, Range Kraft Ltd made its debut on the inventory market. It’s backed by Sequoia Capital.
In October 2019, Fairwinds Non-public Fairness, previously often known as Reliance Fairness Advisors, exited Chennai-based Butterfly Gandhimathi Home equipment Ltd with a haircut.
In 2018, house home equipment producer Whirlpool of India stated it will purchase a 49% stake in kitchen tools maker Elica PB India Pvt Ltd for round Rs 162 crore.