Sixth Sense Ventures relies on kitchen appliance maker Wonderchef

Kitchen appliance maker Wonderchef Home Appliances Pvt Ltd has raised 150 crore rupees ($ 20 million) in a new round of funding led by consumer-focused venture capital (VC) firm Sixth Sense Ventures.

The family office of major FMCG Godrej and the Malpani group are among the other investors who participated in this transaction. In addition to the primary brew, the investment company Capvent, headquartered in Zurich, withdrew from the company altogether. Capvent invested $ 10 million in Wondercheg in 2015. The company also has mid-sized private equity fund Amicus Capital as an institutional investor.

VCircle was the first to report that the brand promoted by celebrity chef Sanjeev Kapoor is in advanced talks with Sixth Sense Ventures to raise funds between Rs 1,000 and 1,500 crore. According to someone familiar with the development, Sixth Sense has invested around $ 10 million in this round.

Wonderchef will primarily use the capital to strengthen its online presence and expand and deepen its distribution network.

“The kitchen is the heart of the house. The kitchen appliance segment in India is expected to grow in double digits due to increasing urbanization, increasing disposable income and changing lifestyle. The focus on quality and consistency has helped us build a strong brand in a short time despite competition from entrenched traditional players, ”said Nikhil Vora, founder of Sixth Sense Ventures.

The appliance company was founded in 2009 by Kapoor and Ravi Saxena, an electronics engineer who has worked with brands like Sodexo Vouchers and Gloria Jean’s Coffees.

Wonderchef’s products include non-stick cookware and kitchen appliances such as juicers, cooktops, ovens, cookware, blender grinders, air fryers, and toasters.

Sixth Sense was founded in 2014 by Nikhil Vora, former Managing Director and Co-Head of Research at IDFC Securities. He was also an early investor in Paytm’s parent company, One97 Communications Ltd, and came away with a 75-fold gain on the investment by selling his stake to Chinese e-commerce giant Alibaba.

Early in the day VCircle reported that Sixth Sense Ventures had invested in fashion jewelry startup GIVA.

Last month, the investment company invested around $ 7 million in pet care start-up Dogsee Chew. Earlier, in the same month, VCircle reported that Sixth Sense Ventures is set to close its third fund at Rs 2,300-2,400 crore ($ 309-323 million), which is at least 60% above the original target. It is also one of the largest national funds raised by an Indian venture capital (VC) fund.

In July, Sixth Sense Ventures invested in the vegetable meat business GoodDot Foods Pvt Ltd. Its investments in Veeba Foods, Soothe Healthcare (Paree), LEAP India, Fullife and Eupheus Learning are just a few examples of the company’s successful bets over the years.

Little activity has been reported in the kitchen appliance segment in recent years.

Earlier this year, household appliance brand Lifelong India Online was reportedly in talks with a few local private equity firms to increase its Series B funding round. Later, it also contacted US-based funds.

In February, Stove Kraft Ltd debuted on the stock exchange. It is backed by Sequoia Capital.

In October 2019, Fairwinds Private Equity, formerly known as Reliance Equity Advisors, left Chennai-based Butterfly Gandhimathi Appliances Ltd with a haircut.

In 2018, Indian appliance maker Whirlpool announced that it would buy a 49% stake in kitchen equipment maker Elica PB India Pvt Ltd for around Rs 162 crore.

Karl M. Bailey