TTK Prestige progresses with strategic investment and business collaboration deal with UltrafreshModular Solutions
· TTK Prestige acquired a strategic stake of over 40 percent in the equity of Ultrafresh
· Ties in with TTK Prestige’s overall goal of becoming a total kitchen solutions brand
· Entry into the INR 9500 crores modular kitchen space is a natural extension for TTK Prestige
· TTK Prestige is now a unique player equipped to offer kitchen appliances and modular kitchens all under oneroof
· Ultrafresh launches 2700 sq.ft. experience centre under the brand‘Ultrafresh powered by Prestige’ in Bengaluru
Bengaluru, 27thJune 2022:TTK Prestige, India’s leading kitchen appliances company, today announced the progress on a strategic investment and business collaboration deal with Ultrafresh, an end-to-end modular kitchen solutions provider.TTK Prestige has acquired a strategic stake of over 40 percent in the equity of Ultrafresh to forge a businesscollaboration between the two companies.The initiative ties-in with TTK Prestige’s overall goal of becoming a total kitchen solutions brand.
At a press conference held in Bengaluru, the companyrevealed that the business is well on its way to achievingdouble-digit growth, having madein-roads through innovative products in multiple categories such as cookers, cookware, gas stoves and appliances.
As a leader in the kitchen appliances space, making an entry into the INR 9500 crores modular kitchen industry is a natural extension for TTK Prestige as a brand. This is a significant move, as it makes TTK Prestige aunique player equipped to offer kitchen appliances and modular kitchens all under one roof. It is estimated that the Indian modular kitchen market will grow at a CAGR of 20 per cent during 2021-2026 and will hit INR 23000 croresin the next 5 Years
As part of the business collaboration,UltrafreshModular Solutions hasopened their first experience centre in Koramangala, Bengaluru. With multiple designs of kitchens on display at the 2700 sq feet store, customers can get a first-hand glimpse and choose from the vast array of modular kitchens to suit their unique requirements. Ultrafresh pioneered steel kitchens in India and screwless cabinets. Currently, the brandhas 120 studios and they have manufactured 5000 kitchens across the country.
Mr. T T Jagannathan, Chairman of TTK Prestige said: “As a business, we are proud of the solid all-round performance that TTK Prestige has delivered. We are committed to growing our presence in the kitchen space. This means that we are always thinking outside the box and are pleased to go the extra mile to add value to the lives of our customers. Interestingly enough, we have seen strong demand for innovative and premium products. This is aligned with our commitment to innovation as a business and our desire to provide home cooks with products that elevate their cooking experience.’’
Mr. Chandru Kalro, Managing Director, TTK Prestige said: ‘’It is said that when two powerful and driven brands come together, they create a formidable force. That is precisely what we have done with this partnership. This initiative is reflective of our long-term vision of owning the entire kitchen space. For over six decades, our valued customers have come to rely on us as their kitchen appliances brand of choice. Today, we are pleased to go above and beyond by being a one-stop shop for all things related to the kitchen. We are committed to taking Indian kitchens on a journey of transformation, though our total kitchen solutions offerings.’’
Mr. Dhruv Trigunayat, Chief Executive Officer, Ultrafresh Modular Solutions Limited said: “We are very honoured to join hands with an esteemed organization like TTK Prestige. Ultrafresh from the very beginning has come to the market with the ambitious vision of becoming the No. 1 modular kitchen brand in India, and this ambition could not have found a better partner than TTK Prestige. With obvious business synergy at product, channel, and infrastructure level, and mentorship from the team that has sustained market leadership for decades, together as Ultrafresh powered by Prestige, we are best placed in the industry to make the kitchen space our own. We are filled with energy and enthusiasm, and hope that both organizations derive the most value from the partnership.”