Stovekraft Pvt Ltd, a kitchen appliances company with brands like Gilma and Pigeon, has raised Rs 50 crore from Sequoia Capital India, a venture and growth capital fund. This will be Stovekraft's second fund-raising round.
The company had earlier raised Rs 22 crore in the first round of funding from Sidbi Venture Capital in 2007.
With the latest deal, Sandeep Singhal, managing director, Sequoia Capital, will join the board of Stovekraft, said a Sequoia Capital statement.
VCCircle was the first to report Sequoia Capital funding in Stovekraft last week. Though the statement did not disclose the stake Sequoia is getting in Stovekraft, an earlier VCCircle report mentioned that it was around 25%. SIDBI Venture Capital holds around 15-18% stake in Stovekraft.
The company plans to utilise the fund to have a pan-India presence. “We have very aggressive growth plans and will continue to expand our footprint across India,” Rajendra Gandhi, chairman and managing director, Stovekraft, said in the statement.
Stovekraft sells LPG stoves, pressure cookers, mixer-grinders, modular kitchen, solar water heater and microwave ovens. Stovekraft also operates exclusive retail outlets for its products across South India.