TTK Prestige collaborates with Ultrafresh Modular Solutions

TK Prestige has taken a strategic stake of over 40% in the equity Ultrafresh to forge the business collaboration between TTK Prestige and Ultrafresh.

TTK Prestige, India's leading kitchen appliances company, announced the progress on strategic investment and business collaboration with Ultrafresh, an end-to-end modular kitchen solutions provider. TTK Prestige said that the initiative ties-in with company's overall goal of becoming a total kitchen solutions brand.

As part of the business collaboration Ultrafresh have opened their first experience centre in Koramangala, Bengaluru. With multiple designs of kitchens on display at the 2,700 sq feet store, customers can get a first-hand glimpse and choose from the vast array of modular kitchens to suit their unique requirements. Ultrafresh pioneered steel kitchens in India and screwless cabinets. Currently, the brand has 120 studios and they have manufactured over 5000 steel and wooden kitchens, across the country.

 

At a press conference held in Bengaluru, the company revealed that the business is well on its way to achieving double-digit growth, having made in-roads through innovative products in multiple categories such as cookers, cookware, gas stoves and appliances.

As a leader in the kitchen appliances space, making an entry into the Rs 9,500 crore modular kitchen industry is a natural extension for the company as a brand. It is estimated that the Indian modular kitchen market will grow at a CAGR of 20% during 2021- 2026 and will hit Rs 23,000 crore in the next 5 years.

T T Jagannathan, chairman of TTK Prestige said, As a business, we are proud of the solid all-round performance that TTK Prestige has delivered. We are committed to growing our presence in the kitchen space. This means that we are always thinking outside the box and are pleased to go the extra mile to add value to the lives of our customers. Interestingly enough, we have seen strong demand for innovative and premium products. This is aligned with our commitment to innovation as a business and our desire to provide home cooks with products that elevate their cooking experience.''

Chandru Kalro, managing director of TTK Prestige said, ''It is said that when two powerful and driven brands come together, they create a formidable force. That is precisely what we have done with this partnership. This initiative is reflective of our long-term vision of owning the entire kitchen space. We are committed to taking Indian kitchens on a journey of transformation, though our total kitchen solutions offerings.''

Ultrafresh Modular Solutions is engaged in the business of modular kitchens and kitchen appliances and has many franchisee outlets across India.

TTK Prestige manufactures kitchen appliances and cookware, under the Prestige brand. The company's consolidated net profit fell 6.3% to Rs 80.02 crore on 16.6% increase in net sales to Rs 697.50 crore in Q4 FY22 over Q4 FY21.

Shares of TTK Prestige were up 0.80% to Rs 818.55 on the BSE.

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