D2C Brand Candes Raises $3 Mn Funding
With this funding, the company aims to clock in INR 200 crore revenue this year, currently at INR 10 crore monthly net sales
Direct-to-Consumer (D2C) home appliance brand Candes on Tuesday announced that it has raised $3 million from various marquee family offices of Delhi. This round was led by Anuraag and Ruchirans Jaipuria along with Lotus group Joint managing director, Nitin Passi and Redcliffe's Dheeraj Jain.
“Candes is a true D2C brand for the Indian market. Being part of this industry for a long, we understand the sentiments and needs of families and thus we aim at crafting products that can meet their requirements. 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 are to institute this funding on product R&D to deliver the best to our customers. 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 is building depth in home and personal range," said Vipin and Sandeep Agarwal, co-founders, Candes, in a collective statement.
Candes was founded by Delhi-based brother entrepreneurs, Sandeep Agarwal and Vipin Agarwal in 2015 and provides a wide range of quality home appliances at affordable prices. Its focus is driven by the lifestyle of today’s dynamic consumers; all the products combine efficiency, technology, and quality with unrivaled ease of use.
“We think new brands will capture consumer mindshare when it comes to affordable range and digital purchase, one brand that leads on all fronts including product quality, servicing, IoT, value for money, is Candes. The team is excellent and ambitious to build Candes story to an IPO milestone in a few year's time," remarked lead investor Anuraag Jaipuria.
Candes is on a track to achieve INR 200 crore revenue this year, already at INR 10 crore monthly sales with 90 per cent online business in the marketplaces works focusing on products like fans, geysers, TV, stabilizers, etc. It has its own manufacturing facilities and under the final stage to manufacturing a new product portfolio.
"Candes leads the marketplace with very little marketing support but now going full speed on various marketing campaigns. I invested in Candes when they started and have known Vipin and Sandeep since long, they are much focused and have built a track record year after year, they are a few months away from institutional growth fund, planning to raise $20 million," added Dheeraj Jain, Seed investor, Candes.
Since its inception, Candes has constantly evolved its product line, which today has become one of the most comprehensive, respected, and likable ranges of products in the market, backed by responsive and dedicated after-sales service, the platform shared.