Leading Direct to Consumer (D2C) home appliance brand Candes has today announced that it has raised $3m from various marquee family offices of Delhi.
This round was led by Anuraag and Ruchirans Jaipuria along with Lotus group Joint MD, Nitin Passi, and Redcliffe’s Dheeraj Jain. Candes was founded by Delhi-based brother entrepreneurs, Sandeep Agarwal and Vipin Agarwal, who spent 10 years in the electrical goods manufacturing industry under their family flagship Vedanta Electricals.
Commenting on the funding, Mr. Vipin and Sandeep Agarwal, Co-founders, Candes says, “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,” they added.
Speaking on the investment Mr. Anuraag Jaipuria, the lead investor said, “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 years.”
“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 $20m,” Dheeraj Jain, Seed Investor, Candes further added.