Sequoia Capital is set to invest another Rs.120 crore in cookware and kitchen appliances company Stovekraft. Sequoia will raise its holding in the company to about 40%, up from the 27% stake that it bought five years ago. Stovekraft is expected to end the current fiscal with Rs.580 crore in revenue.
Sequoia has valued the Bangalore-based maker of Pigeon and Gilma branded products at around Rs.750 crore, which is a fourfold jump in the valuation since its initial investment. The company is India’s third largest pressure cooker maker and is poised for leadership in the non-stick cookware segment. It has two manufacturing facilities in Karnataka and in Himachal Pradesh.
From the Venture Intelligence PE Deal database: In March 2008, SIDBI VC had invested $5.6 million (and exited the company in 2010). In February 2010, Sequoia Capital had invested $11 million in Stovekraft.
Source: Times of India
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