The Leading Manufacturer of Cookware and Kitchen Appliances has raised the capital in Private Placement Round from Bharat Value Fund (BVF)
FinTech BizNews Service
Mumbai, 18 October, 2024: Aniket Metals Private Limited ("AMPL"/"the Company"), head has confirmed the closure of a private placement round of INR 550 million. Bharat Value Fund, managed by Pantomath Capital Management Pvt Ltd, invested in the Company for a minority stake.
Established in 2012, AMPL is a leading player in cookware, kitchen gadgets, cutlery, and kitchenware, primarily sold in the USA and the UK markets. AMPL manufactures 650+ products across six broad categories in stainless steel and aluminium, catering to all segments in retail, commercial, and Hotel, Restaurant and Café/Catering (HoReCa) sectors.
The Company is a strategic vendor to Walmart Inc. and currently serves 7 of the top 10 global retailers, including ASDA, TJX, ROSS Inc., and Lidl. In 2020, it acquired the Italian brand ‘MORINOX’ to incorporate Italian automation and design into its product range.
Moreover, the Company plans to launch its brand ‘METALUX’ nationally, which will hit the shelves of major retailers during Diwali, followed by launches on e-commerce and quick commerce platforms. The Company has an aggressive distribution strategy and aims to be available nationally across all channels by Q1 2025.
The Company’s products are ISO 9001:2008 certified, demonstrating its commitment to quality and safety. AMPL offers products with innovative, durable, aesthetically pleasing, and functional designs.
Commenting on the fundraising, Mr. Nachiket Shah – Managing Director, AMPL, said,
“With the government’s 'Make in India' push and the global 'China Plus One' strategy, we plan to rapidly expand our manufacturing facility to tap into India's growing manufacturing prowess and ever-increasing consumption. Our aim is to become one of India's largest homegrown consumer brands in the next few years. We are pleased to partner with BVF in our efforts to scale up rapidly and efficiently.”
Speaking about its investment in AMPL, Ms. Madhu Lunawat, CIO of Bharat Value Fund, observed,
“Aniket has strong potential in the cookware industry. We are well-positioned in the international export market and ready for expansion across India. This investment will support AMPL’s expansion into the domestic market through the introduction of its own brand, 'Metalux' – a premium category brand.”
Ms. Madhu Lunawat further added, “At Bharat Value Fund, we believe in backing companies that drive long-term value, and AMPL’s focus on quality and innovation aligns with our goals. We are excited to support their growth journey and look forward to their continued success.”
