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Venture fund Sequoia invests 
50 Crore in Stovekraft
Bangalore: U.S.-based venture fund Sequoia Capital said that it has invested 
50 crore in Stovekraft, a leading manufacturer of kitchen appliances, to fund its growth plan.
"Stovekraft has consistently outperformed the market and demonstrated over 50 percent compounded growth annually. We are backing the company in building a high-quality consumer franchise," Sequoia managing director Sandeep Singhal said in a statement here.
The Bangalore-based Stovekraft's flagship brands, Pigeon and Gilma, address the needs of consumers through an array of products complementing their lifestyle. Gilma branded products are targeted at the premium segment.
"Our flagship brands are synonymous with quality kitchenware products. The confidence reposed in us by Sequoia is a testimony to our success. We have aggressive growth plans to expand our footprint across India," Stovekraft managing director Rajendra Gandhi said.
Sequoia Capital manages funds capitalised at $1.8 billion and invests in diverse companies across verticals. It has invested in about 50 Indian firms over the last nine years.
Cafe Coffee Day, Comviva (Bharti Telesoft), Dr Lal Pathlabs, Edelweiss, Firstsource, GVK Biosciences, Idea Cellular, Ind-Barath Power, Just Dial, Shaadi.com and SKS Microfinance are some of the firms in which Sequoia has made strategic investments for medium and long term returns.
Sequoia was also an early investor in global tech firms such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers.
Source: IANS
50 crore in Stovekraft, a leading manufacturer of kitchen appliances, to fund its growth plan.
"Stovekraft has consistently outperformed the market and demonstrated over 50 percent compounded growth annually. We are backing the company in building a high-quality consumer franchise," Sequoia managing director Sandeep Singhal said in a statement here.
The Bangalore-based Stovekraft's flagship brands, Pigeon and Gilma, address the needs of consumers through an array of products complementing their lifestyle. Gilma branded products are targeted at the premium segment.
"Our flagship brands are synonymous with quality kitchenware products. The confidence reposed in us by Sequoia is a testimony to our success. We have aggressive growth plans to expand our footprint across India," Stovekraft managing director Rajendra Gandhi said.
Sequoia Capital manages funds capitalised at $1.8 billion and invests in diverse companies across verticals. It has invested in about 50 Indian firms over the last nine years.
Cafe Coffee Day, Comviva (Bharti Telesoft), Dr Lal Pathlabs, Edelweiss, Firstsource, GVK Biosciences, Idea Cellular, Ind-Barath Power, Just Dial, Shaadi.com and SKS Microfinance are some of the firms in which Sequoia has made strategic investments for medium and long term returns.
Sequoia was also an early investor in global tech firms such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers.
Source: IANS