Wonderchef, a kitchen appliance and cookware brand has raised Rs 40 crore from French group Labruyere Eberle, the company will use the capital to enhance its manufacturing capabilities in India, It will also be used for opening the brand’s exclusive retail outlets in India.
It was founded by Ravi Saxena, an Electronics engineer a graduate from IIM Ahmedabad who is a serial entrepreneur who has been previously built brands like Sodexo Vouchers and Gloria Jean’s Coffees, among others. He joined hands with celebrity chef Sanjeev Kapoor in 2006 to take his restaurant brand global.
In 2009, they launched Wonderchef, a brand positioned for healthy cooking it is an ecommerce-based start-up and deals in cookware, appliances, bakeware, and other culinary tools.
The organized cookware market in India is estimated at Rs. 4,000 crore while electrical appliances in kitchen are estimated to hold a market size of Rs. 10,000 crore
It offers the products developed across Italy, Korea, UK, Germany, China, Canada and USA. Saxena claimed that it served to Indian customers across 2000 towns and cities through Retail, Television Marketing, Internet, with a dynamic channel of over 35,000 self-employed trained women.
Wonderchef had received $6 million funding from Zurich-headquartered investment firm Capvent in first phase ie., in June 2015 which company decided to utilize it for the brand expansion, reinforcement of R&D team to develop more innovative and healthier product portfolio.
Now Mumbai-based Wonderchef will receive $5 million from French winemaker Labruyère Eberlé, Labruyère Group is also a partner of global retail leader Carrefour, a $100 Bn powerhouse. The French company has previously invested in wine companies Sula and Grover Zampa, as well as in Sapphire, a franchisee of Pizza Hut and KFC restaurant outlets in India.
According to industry experts, the branded kitchen appliance and cookware market is Rs 15,000 crore in India now and growing 12% year on year with creates a great opportunity for entry level
Wonderchef has achieved a milestone of Rs. 150 crore revenue mark in the first five years and has now set a target of Rs. 500 crore in the next 4 to 5 years.