Wonderchef is an internet-first brand for kitchen products that announced a 19.7 percent increase in operational revenue to Rs 377.6 crore in FY24. entrackr reported. The startup provides multi-category products including mixers, cookers, and other kitchen appliances. The sale of its kitchen and home appliances is the firm’s primary source of revenue.
The existing investor, Sixth Sense Ventures is the firm’s largest external stakeholder with 15.83 percent stake, followed by Amicus Capital. While the celebrity chef Sanjeev Kapoor and his wife Alyona Kapoor holds 19.57 percent stake in the startup. The company offers an online platform with blogs, recipes, cookware care manuals, and e-recipe books.
The company has raised over 50 million USD across multiple funding rounds since its inception, including 20 million USD raised during its series C funding round from Sixth Sense Ventures, Malpani, and other investors.
The company also earns revenue from interest income and non-operating services. The kitchen products account for 67 percent of total operating revenue in FY24. This cost increased by 25 percent to Rs 251.6 crore. The interest income contributed Rs 3.3 crore and pushed the overall revenue to Rs 381 crore in this financial year. The firm plans to achieve the revenue of Rs 820 crore in FY25.
The Mumbai-based kitchenware brand allow users to buy multi-category home and kitchen appliances via both online and offline mediums. The website uses advanced technology to offer a seamless user experience. The cost of product procurement increased by 25 percent and crossed Rs 251.6 crore in FY24. This cost accounted for 67 percent of overall expenditure. The advertising expenses decreased by 25.44 percent to Rs 17 crore in FY24. However, Rs 32 crore from the total expenditure goes to the employee benefit expenses.
The firm’s total expenditure increased by 16.7 percent to Rs 374.6 crore in FY24. The startup reported a profit of Rs 1.5 crore in the same duration. Meanwhile, the employee benefits saw a 12.3 percent increase for this fiscal year. This increase in advertising, transportation, employee benefits, and procurement costs increased the total expenses. The company aims to maintain its profit by reducing operating expenses and employee benefits.
The startup plans to enhance its market presence and customer reach while increasing its distribution network. Wonderchef posted a total current asset of Rs 222.6 crore in FY24. The EBITDA margin became positive and stood at 2 percent in FY24 while the ROCE was around 3.88 percent in the same period. Wonderchef faces competition from other companies in the same market segment such as SOLARA, and Ecoware.
Conclusion :
Wonderchef announced a 19.7 percent increase in operational revenue to Rs 377.6 crore in FY24. This kitchenware product manufacturing firm offers various home and kitchen appliances through its offline and online modes. These appliances sale and interest income are the company’s major sources of revenue. The startup reported over 16.7 percent increase in its total expenses to Rs 374.6 crore in FY24.
The firm’s profit was around Rs 1.5 crore in the same duration. The cost of procurement takes up to 67 percent of the overall expenditure. Employee benefit cost also increased by 12.4 percent and stood at Rs 32 crore in FY24. The company plans to reach revenue of Rs 820 crore in FY25.
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