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Stovekraft

Stovekraft
Company typePublic
NSE: STOVEKRAFT
BSE: 543260
Founded1999
FounderRajendra Gandhi
Headquarters
Bangalore, Karnataka
,
India
Key people
Rajendra Gandhi (Chairman & MD)
Neha Gandhi (Director)[1]
Nannuri Swamy (National Service Head)
Naveen Kumar(Service Manager)[2]
ProductsKitchen appliances, cookware
RevenueIncrease ₹1,005 crore (US$120 million) (FY 2023 9 Months )[3]
Websitewww.stovekraft.com

Stovekraft is an Indian company that manufactures cooking appliances under Skava, Pigeon and Gilma brands. The company was founded in 1999 and is headquartered in Bangalore, Karnataka. Among its cooking appliances are mixer grinders, pressure cookers, cooktops, toasters, chimneys and kitchen utensils.[4][5] It sells its products in 23 states in India and 12 countries overseas.[6][7]

History

Stovekraft operates two manufacturing plant in India including Bangalore, Karnataka, and Baddi, Himachal Pradesh.[8] Around 80 percent of Stovekraft's employees reportedly are women.[9]

In 2017, Stovekraft entered a licensing agreement with American home appliances manufacturer Black+Decker to sell the latter's products in the Indian market.[10][11]

In 2019, the company appointed Rajiv Mehta, the former MD of Puma, as its CEO.[12]

In March 2023 Rajiv Mehta exited from Stovekraft as its CEO.[13]

The company launched its initial public offering (IPO) in January 2021, raising more than ₹412 crore (US$49 million).[14] The company was listed on the NSE and BSE on 5 February 2021.[15]

Stovekraft Shares plunges 4% on 22 November 2023 as Income Tax sleuths search premises at harohalli industrial area. [16]

Stovekraft which manufactures products under brands Black and Decker, Skava, Pigeon and Gilma — reported a net loss of Rs 6 crore for the last quarter of the financial year 2022-23, as against a net profit of Rs 8.6 crore for the corresponding period a year ago. due to excessive expenditure on service. Onedios was taken onboard as an outsourced field and software service partner for 2.6 Cr per month enchaining onedios service platform and pan India presence. [17]


References

  1. ^ "Fast Forward". Business Today. Retrieved 16 June 2020.
  2. ^ "Ex-Puma India head now CEO of Stovekraft". Times of India. Retrieved 16 June 2020.
  3. ^ https://www.moneycontrol.com/livefeed_pdf/Jul2021/ceb4c267-ef79-40cc-b94a-e8c7e13aa5ba.pdf [bare URL PDF]
  4. ^ "IPO-bound Stovekraft looks to expand international presence". Moneycontrol. Retrieved 16 June 2020.
  5. ^ "Stovekraft prepares for IPO before the end of 2019". The Hindu. 20 April 2019.
  6. ^ "Sequoia-backed kitchen appliance maker Stovekraft files for ₹500 crore IPO". Livemint. Retrieved 16 June 2020.
  7. ^ "Stove Kraft gets Sebi's go-ahead to launch IPO". Outlook. Retrieved 16 June 2020.
  8. ^ Sriram, M. (4 February 2020). "Sequoia-backed kitchen appliance maker Stovekraft files for ₹500 crore IPO". mint. Retrieved 5 November 2020.
  9. ^ "This Kitchen Appliance Company is Just a Step Away from Going Public". Entrepreneur. Retrieved 16 June 2020.
  10. ^ "Black & Decker inks licensing deal with Stovekraft". The Economic Times. Retrieved 16 June 2020.
  11. ^ "Stovekraft expand into premium small appliances with Black + Decker". The Economic Times. Retrieved 16 June 2020.
  12. ^ "Ex Puma head Rajiv Mehta joins StoveKraft as CEO - ET BrandEquity". ETBrandEquity.com.
  13. ^ "Stove Kraft CEO Rajiv Nitin Mehta resigns, appoints Sunita R Gandhi to its Board". hrnxt.com. 3 February 2023. Archived from the original on 2 May 2023. Retrieved 19 July 2023.
  14. ^ "Stove Kraft IPO to open next week, price band fixed at ₹384-385 a share". mint. 21 January 2021. Retrieved 16 March 2021.
  15. ^ "Stove Kraft share lists at 21% premium to IPO issue price". www.businesstoday.in. Retrieved 16 March 2021.
  16. ^ "Stove Kraft plunges 5.3% as I-T sleuths search premises". mint. 22 November 2023. Retrieved 16 March 2021.
  17. ^ zeebiz https://www.zeebiz.com/markets/stocks/news-stove-kraft-share-price-bse-nse-stovekraft-should-you-buy-sell-or-hold-stock-237812. Retrieved 1 March 2023. {{cite news}}: Missing or empty |title= (help)
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