Sanjeev Kapoor’s kitchenware brand Wonderchef has finally turned profitable, posting a net profit of ₹1.6 crore in FY24 after a massive loss of ₹51.8 crore in the previous year. The turnaround comes on the back of a nearly 20% jump in revenue, with total earnings reaching ₹380.9 crore, including other income.
Strong Sales Growth Drives Profitability
Wonderchef’s operational revenue surged to ₹377.7 crore in FY24, up from ₹315.6 crore in FY23. The company, co-founded by Kapoor and Ravi Saxena in 2009, has established itself as a major player in the kitchen appliances segment, selling everything from mixer grinders and chimneys to cast iron cookware and coffee machines.
Continue Exploring: NONSTOP launches first flagship store in Mumbai, offering mobility and wellness solutions
The Mumbai-based brand has a multi-channel presence, selling through its website, leading e-commerce platforms, and 20,000+ retail outlets globally, including modern trade stores.
Big Plans for FY25
Despite reporting revenue below ₹400 crore in FY24, Saxena has set an ambitious target of ₹800 crore for FY25. Interestingly, in a June 2024 interview with PTI, he claimed that actual sales for FY24 touched ₹700 crore, suggesting significant off-the-books revenue, possibly through indirect sales or partnerships.
Continue Exploring: The End of a Retail Era: Neville Noronha Checks Out, Anshul Asawa Checks In
Where Did the Money Go?
Wonderchef’s spending rose in FY24, but the increase was slower than its revenue growth, helping the company return to profitability.
Procurement Costs: The biggest expense, ₹251.64 crore, was spent on stocking up products—a 25% rise from ₹201.43 crore in FY23.
Employee Expenses: Salaries and benefits accounted for ₹31.9 crore, up 12% from ₹28.5 crore in the previous year.
Investor Backing & Future Outlook
Having raised over $30 million from investors like Sixth Sense Ventures, Amicus Capital, and Godrej Family Office, Wonderchef is well-positioned for its next phase of expansion. With its profitability milestone behind it, the company’s aggressive ₹800 crore target will be one to watch in FY25.
