Wonderchef, the kitchen appliance brand backed by celebrity chef Sanjeev Kapoor, has turned profitable in FY24, reporting a net profit of Rs 1.5 crore, according to data from the Registrar of Companies (RoC). It was against a total loss of Rs 51.8 crore in FY23.
Ravi Saxena, managing director of Wonderchef, told FE that the loss in FY23 was due to an “extraordinary one-time” write-off associated with the merger of a retail company into Wonderchef.
“The accommodated losses of that company merged into Wonderchef,” he said.
The company’s revenue from operations grew 20% to Rs 377.6 crore in FY24, up from Rs 315.5 crore in FY23. Total expenses increased by 16.7% to Rs 374.6 crore compared to Rs 321 crore in the previous year.
Wonderchef’s return on capital employed (ROCE) improved to 3.88% from (-)28.79% in the previous year. The Ebitda margin improved to 2% from (-)13.59%.
Saxena attributed the consistent revenue growth to product innovation and a diverse omnichannel strategy.
For instance, it has launched a range of 14 coffee machines ranging from a French Press to automatic machines priced as high as Rs 92,000.
“In FY24 we sold around 75,000 coffee machines in India,” Saxena said, adding that in FY25, this figure is likely to cross 100,000 units.
Another product which has seen a high demand is its automatic cooking machine Chef Magic. Saxena said it is doing well in India as well as USA and Canada.
The company’s focus on omnichannel strategy has helped it mitigate risks from slowdowns in specific markets or segments.
For FY25, Wonderchef expects its revenue to grow by 19.5-20%. The company is also gearing up for an IPO, which it plans to launch in the next 12-18 months. Founded in 2009 by Ravi Saxena and Sanjeev Kapoor, Wonderchef has raised approximately Rs 351.96 crore till date from investors like Sixth Sense Ventures, Amicus Capital Partners and Vervima Company.
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