Sequoia Capital is investing R120 Cr in cookware and kitchen appliances company Stovekraft. The PE Fund will raise its stake from 27% to 40% with this investment.

Incorporated in 1999 by Rajendra Gandhi, Stovekraft is engaged in the manufacture and sale of a wide range of kitchen appliances. The company is largely concentrated within Southern India and has a wide presence in Karnataka.

Stovekraft sells kitchen appliances through two major brands: ‘Pigeon’ and ‘Gilma’. While a range of products is sold under the ‘Pigeon’ brand, major product categories include: pressure cookers, LPG gas stoves and non-stick cookware.

Under the ‘Gilma’ brand, Stovekraft markets largely chimneys and hobs besides also catering to the growing modular kitchen segment. Stovekraft’s manufacturing facilities are located at Ramangara, Karnataka and at Baddi, Himachal Pradesh.

Stovekraft also has a JV with Italian modular kitchen maker Spagnol Cucine to front-end super-premium futuristic kitchens in a price band of R4 lakh to R25 lakh in Bangalore.

The company also planning to expand its production lines for non-stick cookware, premium cookers, and LPG gas stoves. The company has tied up with various oil marketing companies for the supply of co-branded Gilma and Pigeon LPG stoves for distribution.

In 2010, Sequoia Capital invested around R50 Cr through CCDs.

The organized branded Indian kitchen appliances market has over 200 brands including global players such as Philips, Faber, Bosch, and Morphy Richards with a market penetration of just over 200 Mn households.

Recently in this space, Hometeck Commercial Agencies acquired Meenumix, a leading brand in kitchen equipment from Meenu Equipments Group; Reliance Equity Advisor acquired 13% stake in home appliances maker - Butterfly Gandhimathi Appliances for R100 Cr.

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