Wonderchef Home Appliances has raised Rs 150 crore from Sixth Sense Ventures, Godrej Family office, Malpani group, and a few renowned HNIs.
Sixth Sense Ventures along with a group of renowned family offices invested Rs 150 crore in a combination of primary and secondary investment. In this round, Mauritius-based investment firm Capvent who had invested in Wonderchef in 2015 took an exit.
The primary capital raised will be used for strengthening online presence and capability, expanding and deepening the distribution network, and enhancing branding initiatives.
Founded by Ravi Saxena in 2009, the company markets its products through an omnichannel distribution network. Over the past 3 years, the company has started developing Wonderchef into a 'digital-first' brand with a strong focus on online sales. This has led to the company’s online sales share to jump from 20 percent to 50 percent of the total revenue, it said in a press release.
Ravi Saxena, Founder of Wonderchef said, “We are elated and excited about having Sixth Sense on board in this growth journey as we begin Wonderchef 2.0 journey.”
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 urbanization, increasing disposable incomes, and changing lifestyles. We are excited about the opportunity to partner with Ravi, Chef Sanjeev Kapoor, and team Wonderchef towards building a leading kitchen appliances business in India.”
Sixth Sense Ventures has done the investment from its third fund Sixth Sense Ventures (SSIO III). SSIO-III and affiliates have invested ~ Rs 90 crore in this transaction. Systematix Corporate Services Ltd. acted as the advisors to the transaction.