Candes, the Direct to Consumer (D2C) home appliance brand, today 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 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.
Founded in 2015, Candes Brand 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 unrivalled ease of use.
Candes is on a track to achieve 200cr revenue this year, already at 10Cr monthly sales with 90% online business in the marketplaces works focusing on products like fans, geysers, TV, stabilizers, etc. It has its own manufacturing facilities and under final stage to manufacture a new product portfolio.
Vipin and Sandeep Agarwal, Co-founders, Candes, said, “Candes is a true D2C brand for the Indian market. Being part of this industry for long, we understand the sentiments and needs of families and thus we aim at crafting products which 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 is 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,” the founders added.
Anuraag Jaipuria, lead investor, Candes, 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 few years time.”
Dheeraj Jain, Seed Investor, Candes, said, “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.”
Since inception, Candes has constantly evolved its product line, which today has become one of the most comprehensive, respected and likeable range of products in the market, backed by responsive & dedicated after sales service.