Direct to Consumer (D2C) home appliance brand Candes on Monday announced that it has raised $3 million from various marquee family offices in Delhi. The round was led by Anuraag and Ruchirans Jaipuria along with Lotus Group Joint MD Nitin Passi and Redcliffe’s Dheeraj Jain.
Candes was founded in 2015 by Sandeep Agarwal and Vipin Agarwal, who spent 10 years in the electrical goods manufacturing industry under their family flagship Vedanta Electricals. The brand provides a wide range of quality home appliances at affordable prices.
Speaking on the recent funding, Vipin and Sandeep Agarwal said,
“We believe every middle-class income family across India will either purchase for the first time or replace their old fans, TV, geysers, and other kitchen appliances sooner and later. We witnessed this as a very large market and that is what led us towards this marketplace. Our focus and priority is to institute this funding on product R&D to deliver the best to our customers.”
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“We already have an IoT feature across all our product ranges, which is linked to mobile apps and gives an ease of control of the devices via your mobile. Our new range of products include building in-depth home and personal range.”
According to the startup, Candes is on track to achieve Rs 200 crore revenue this year. It is already seeing Rs 10 crore monthly sales with 90 percent online business in the marketplaces works focusing on products like fans, geysers, TV, stabilisers, etc. It has its own manufacturing facilities and is in its final stage to manufacture a new product portfolio.
Commenting on the investment, Anuraag Jaipuria, Lead Investor, added, “We think new brands will capture consumer mindshare when it comes to affordable range and digital purchase. The team is excellent and ambitious to build Candes story to an IPO milestone in few years time.”