BENGALURU: Kitchen appliances brand TTK Prestige, which entered into the modular kitchen space with 51% stake in Ultrafresh for Rs 30 crore late last year, on Monday announced the launch of their first experience centre in Koramangala, Bengaluru.
The brands together are targeting at least 200 stores across the country, of which 10-15% will be experience stores.
TTK Prestige chairman TT Jagannathan said the company has a strong product pipeline, and is committed to growing its presence in the kitchen space.
When asked about inflation and demand in the market, he said that inflation will bring down disposable income and that they are keen on innovating and coming up with new products.
The company said its Rs 3,000-plus products are doing well irrespective of the present situation in the market, and the brand is all set to launch new pressure cookers.
The company has made its entry into the Rs 9,500-crore modular kitchen space.
This market is set to grow at a CAGR of 20% during 2021-2026, and will hit Rs 23,000 crore in the next five years, said TTK Prestige Managing Director Chandru Kalro, adding that this strategic investment in Ultrafresh is reflective of our long-term vision of owning the entire kitchen space.
Ultrafresh has been in the business of modular kitchens since 2018, and its turnover in FY21 was around Rs 12 crore. Dhruv Trigunayat, CEO, Ultrafresh Modular Solutions said the company is targeting 2x-3x growth in the next two-three years.
Ultrafresh, which is known for its steel kitchens and screwless cabinets in India, is also targeting tier-2 and tier-3 cities. "About 75% of the modular kitchen market is unorganised, and there is a huge market for modular kitchens" he said.
The brand has 120 studios and has installed 5,000 modular kitchens so far.
Having launched many products in multiple categories such as cookers, cookware, gas stove and appliances, TTK Prestige said the business is on its way to achieving double-digit growth.
The company is also targeting a Rs 5,000 crore revenue by FY25.