Please tell us about journey of Wonderchef.
Wonderchef was an idea that emanated from my interactions with Indians traveling abroad, whom I interacted with in over 65 countries when I travelled for work. They would always be found looking for quality non-stick pans and blenders. These insights helped me identify certain latent needs that became the cornerstone of the business model of the company. The credibility I had earned during my years of work helped me raise investment from across the globe from fellow professionals who trusted my skill sets and commitment.
The focus on technology and innovation ensured that a new brand was able to cut through the clutter in a rather traditional industry, and became the company that took the shortest time to grow from zero to 400 Cr. level retail sales in the industry. Today, Wonderchef has a truly omni-channel distribution strategy with a 360 degree approach to target consumers. It has enjoyed three rounds of funding and has become a brand that is loved and advocated by its customers.
All this did not come easy though in hindsight everything looks rosy even to myself! The company
did everything to survive in the initial period which coincided with the global financial meltdown of 2008-09. We offered consulting services, strategy solutions, culinary classes, employee engagement services and a few other solutions to be able to pay the bills. Working capital was always in short supply as growth continued year after year. Building a team was a long, arduous process. However, I believe that all these things are the steel framework around which a tall building rises to the sky.
How is the kitchen appliances & cookware markets faring in India?
The kitchenware industry is ever evolving industry and is at a fast clip. With major changes in the policies especially related to the regulatory and business environment are driving the industry towards growth. The growth seems to be in upward trajectory due to continuous technological advancement and evolving lifestyles. The Make in India initiative of the government has also attracted the investors.
The size of kitchen appliances industry in India INR 22,000 crore per annum, and is expected to grow at 13.9 per cent. The user penetration is expected to increase to 21.8 per cent in next five years as compared to 13.4 per cent in 2019.
Tell us about one of Wonderchef 's innovations that you are personally proud of.
Health, Taste and Convenience are the three pillars of our brand. Wonderchef has always leveraged innovation & technology to surprise & delight its customers. We are proud of our products which completely embody this philosophy. Our Royal Velvet non-stick pans, Nutri-blend (which has become the most loved mixer grinder, thanks to its compact form, design and function), food prep innovations like Turbo Chopper, Cold-pressed juicers, energy efficient Ultima Cooktops, safe and durable Nigella Cookers, and affordable but efficient Revo Stand Mixer. With Nutri-Pot and its integration with Alexa, we have raised the bar for the industry.
We constantly strive to achieve a balance between the form and function - be it choice of design, material, and technology or production process. This helps us curate products which impeccably transition from kitchen to the table.
Introduction of colors in the kitchen cookware is something we are incredibly proud of. We are the pioneers of making colourful kitchen cookware which has reduced the monotony of the kitchen and has helped the brand in creating unique value proposition.
What are Wonderchef 's expansion plans?
The company plans to clock in 1200 Cr. in retail sales within the next five years with profitable growth. We do not believe in the cash burn model of growth. Most of the profit is reinvested however in marketing, service infrastructure and hiring the best talent. We have presence throughout India and are also creating the brand internationally across Australia, Middle East, Americas and Europe.
What is your vision for Wonderchef?
My vision for the company is to be the kitchen expert for our customers wherein we provide them with elegant yet simple solutions. We are inspired by global trends to create beautiful kitchen stories that bring out the culinary artist in you! The core belief of the brand is to enable everyone to cook tasty meals without any compromise on health. Along with this, we have always believed in empowering women by enabling them to create their own business and cook healthy for their families, with pride. We are focussing on integrating technology in the product development to develop products as per the evolving lifestyles and needs.
What advice would you give to today's young entrepreneurs?
I always give an IAS and HHH mantra to all the entrepreneurs. IAS spells out as Integrity Ability and Stability. Be honest in what you do, develop the ability and keep honing your skills. Also, learn to be stable during the tough times.
There is HHH mantra which is within you that you need to develop. Be Humble, Keep your Hunger
Alive and have a sense of Humour.
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