Kitchenware and appliances company Wonderchef, promoted by celebrity chef Sanjeev Kapoor, expects to double its revenues to $20 million (about Rs 135 crore) this fiscal and is looking to start manufacturing some of its products in the country.
“Over the next few years, the company will manufacture a few specific products in the country, provided we can achieve scale. We could either do that through acquisition or build our own factory,” the company’s Managing Director Ravi Saxena told PTI here.
The company also expects to double revenue by the end of 2015-16 from the previous fiscal, and plans to launch 4-5 brick-and-mortar stores in key metro cities this year.
“Our topline has grown a 100 per cent in the last year, and we would have doubled our revenues to $20 million from last fiscal,” Saxena said.
Wonderchef targets 60 per cent revenue growth in 2016-17, and expects to clock 50 per cent growth up to 2020, he added.
The company presently manufactures its products on a contractual basis, and sources products from 80 different factories globally, of which 12 are in the country.
“We are looking to source more from India going forward, provided we find suitable and high quality products,” he said.
Wonderchef sells through five different channels modern trade, general trade, e-commerce, teleshopping and direct sales. It plans to build deeper brand value in the general trade segment, Saxena said.
It is also retailing several of its products in international markets, including Middle East and Canada, and plans to launch in other countries as well.
“Middle East is a good market for us, and this year we plan to enter more international markets,” he said.
The organised, branded cookware market in India accounts for only 40 per cent of the overall market and is estimated at $500 million (about Rs 3,500 crore), of which established brands like Hawkins and Prestige have a large marketshare, according to industry estimates.
Wonderchef, which raised about $5 million from Zurich- based Capvent last year, intends to capture a good marketshare here as well, apart from making inroads into the international market, Saxena said.