Wonderchef, a cookware and kitchen appliances brand, announced the closure of an Rs 700 million transaction with Amicus Capital, a private equity fund.
Amicus Capital primary will get them 10 percent stake in the company.
Founded in 2009 by industry veteran Ravi Saxena and celebrity chef Sanjeev Kapoor, Wonderchef aims to achieve sales worth Rs. 6 billion in the next five years.
Wonderchef has a wide presence across India and markets through multiple channels including exclusive Wonderchef outlets, 735 department stores, over 7,000 electrical and cookware stores, e-commerce websites, TV Shopping, institutional sales, direct marketing network of 50,000 women entrepreneurs, as well as on its own retail website.
The funds from Amicus Capital will be utilised for expanding the retail distribution reach, investing in brand building and expanding its integrated manufacturing, assembly and warehousing facility.
The company also intends to add new product segments and deepen its presence in kitchen space.
"We are excited at partnering with a strong institutional fund like Amicus Capital who understand our category and share the same vision as Wonderchef as we embark on our next phase of aggressive growth," said Saxena.
Zanskar Advisors was the investment banker on the transaction.
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