Wonderchef, a cookware and premium kitchen appliance company, established by serial entrepreneur Ravi Saxena and Chef Sanjeev Kapoor, expects to report 25-30 per cent increase in revenue this year to around ₹700 crore as demand for its products keeps increasing pan India.
The Mumbai-based company plans to get listed in a couple of years when the company reaches a revenue of around ₹1,000 crore to give an exit option to existing private equity investors — Amicus and Sixth Sense, Saxena told businessline.
Wonderchef’s CEO Ravi Saxena speaks on growth and IPO plans
Out of the investment of ₹200 crore, the PE investors have pumped in ₹120 crore. The idea of the IPO is to give a very good exit to our investors who have trusted us, he said. The company, which is yet to decide on the size of the IPO, will use the funds to push into marketing and brand development, he added.
The addressable market size for kitchenware in India, excluding refrigerators and dishwashers, is ₹25,000 crore and is growing at 10 per cent year-on-year. It will be ₹30,000 crore in three years, out of which Wonderchef’s share would be around ₹1,000 crore, he said.
Saxena said the company has 600 different products with nutri-blend being the top selling product. This year, the company will report a turnover of around ₹700 crore of which ₹200 crore will come from the company’s best selling product nutri-blend, which is manufactured in factories in Himachal Pradesh and in the suburbs of Mumbai.
For many of the products, including non-stick cookware, in places like New Delhi, Bengaluru and Sonipet, he said, “Overall, the company works with around 40 factories in India with some of them of their own; some in partnerships and some on rental models.” “The company also works with around 35 factories outside India,” he said.
Four years ago, many products were manufactured abroad, mainly in Korea, Italy or China. But the Make in India initiative has given the company a lot of confidence to manufacture in India. Every year, the company converts more and more products into Indian manufacturing. “We are investing in factories, we are investing in tooling with other partners and now more than 82 per cent of our manufacturing is in India,” he said.
Saxena said last year, the company sold about 35 lakh units, and this year, the target is to sell 42 to 45 lakh units. “We introduce 30 to 40 new products every year,” he said.
Wonderchef reaches every corner of the country with its omnichannel distribution including over 70,000 women entrepreneurs, 25 exclusive brand outlets, and is present in over 12,000 retail outlets. The brand has a growing footprint worldwide and is available in about 25 countries across five continents, he said.