Home Appliance Brand Candes raises $3 million from Anuraag, Ruchirans & Others
Candes Technology is India's most trusted and leading home appliance company, offering a full line of home and kitchen electrical appliances at affordable prices.
Candes was founded in 2015 by Sandeep Agarwal and Vipin Agarwal, who previously worked for their family's flagship company, Vedanta Electricals, in the electrical goods manufacturing industry. The company offers a wide range of high-quality home appliances at reasonable prices.
“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," says, Vipin and Sandeep Agarwal.
"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 includes building in-depth home and personal range."
Candes, according to the startup, is on track to generate Rs 200 crore in revenue this year. It already has Rs 10 crore in monthly sales, with 90% of its business done online in marketplaces, focusing on products such as fans, geysers, TVs, stabilisers, and so on. It has its own manufacturing facilities and is nearing the completion of 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."