Wonderchef plans expansion

 Kitchen appliances and cookware maker Wonderchef is planning to set up four exclusive outlets over the next one year, according to promoter and managing director Ravi Saxena.

“We plan to open about four exclusive outlets over the next one year. These will be a mix of own stores and company operated franchise stores,” Saxena told Deccan Herald. Each store will have a size of about 1,000 sq feet and will entail an investment of around Rs 50 lakh, Saxena added.

The company currently sells through three modes: retail, direct marketing and television. Retail currently is the biggest channel for revenue contribution, with about 33 per cent of the turnover coming from retail sales. Direct marketing is the next biggest contributor followed by internet and television. Wonderchef’s products are currently available at 1,000 multibrand outlets across the country.

Wonderchef, co-promoted by celebrity chef Sanjeev Kapoor, which had recently received funding from Zurich-headquartered investment fund Capvent, is also open to more funding for its investment plans going forward.

“We will require new funding in about two years. We are willing to sell more stake as and when required. The existing investors are willing to put in more funds,” Saxena said.

Wonderchef, which currently has a turnover of around Rs 150 crore is looking to treble its turnover. ‘We have grown 300 per cent over the last one year. Our aim is to have a turnover of Rs 500 crore by 2019-2020, for which we have coined the term Vision 2020,” Saxena said.

We are looking to spread our wings to the African and South East Asian markets, Saxena said, adding that the company is currently looking for distributors in United Arab Emirates and Saudi Arabia.