Home-grown kitchen appliances company Wonderchef, co-owned by celebrity chef Sanjeev Kapoor, is eyeing a bigger presence in the global market after making an initial impact in India.
The company has entered the UAE market through a partnership with Landmark Group's furniture and home furnishing brand HomeBox.
In the initial phase, the company is eyeing 10 percent of its total revenue from the UAE market, by 2022. For UAE, almost one-fourth of the total $16 billion consumer appliance market revenue comes from kitchen appliances.
In an interaction with Moneycontrol, Ravi Saxena, Managing Director, Wonderchef, said that they while the product portfolio will remain the same, the company may need to build combination products that are more relevant to certain markets.
"Electrical appliances they have stringent requirements like Dubai and we already meet those needs. We will use HomeBox's network to distribute our products. Even if we sell to other retailers, it will be through HomeBox," added Saxena, who co-owns the company along with Kapoor.
Wonderchef will be competing with brands like Samsung, LG, Dyson, Bosch, Whirlpool and Arcelik in the UAE market.
Saxena said that there will be synergies in their product offering and the market demand in the Middle East. For instance, he said that their automatic cooking device Nutripot which is suitable for cooking items like biryani and mutton curry would be relevant for that market as well.
Wonderchef is eyeing a Rs 300 crore total revenue in FY20. In FY19, the revenue stood at Rs 240 crore. Saxena expects Wonderchef to achieve a 30 percent revenue growth in FY21 as well.
Wonderchef sells a slew of appliances, including mixer and grinders, microwave Nutripot, air fryer and chimneys among others. It also sells cookware and bakeware.
In the Middle East, the company is present in markets like UAE, Oman, Saudi Arabia and Bahrain for the time-being. Internationally, the company sells products in the United States, United Kingdom, Mauritius, Maldives and Australia.
"We started our international expansion only 18 months ago. It is still a long way to go though we have strong partners in all these markets," Saxena said.
Saxena added that the company will not indulge in price-wars in any market that they operate in.
When it comes to the market, Saxena said that his company has also been hit by slowdown.
"We expected a 32 percent revenue growth in FY20 but it is lower than that," he said.