Kitchens have traditionally been the “back office” of a home – essential, even critical, but seldom showcased. In 2024, this notion has been soundly challenged. With the rise of nuclear families, adoption of technology, and social-led awareness, the kitchen is no longer a neglected space.
Our Home thesis calls out three major consumer values that influence home-related consumption – access, independence, and the movement to upgrade. Our newest investment, Beyond Appliances, is a disruptive kitchen appliances brand that is upgrading home kitchens through technology and consumer insight.
When we met the founders, Eshwar Vikas and Rakesh Patil, we were impressed with how they have been revolutionizing commercial kitchens for the past decade, and are now bringing their unique strengths to reinvent appliances for home kitchens.
Their portfolio of chimneys, hobs, and hob tops was launched online on Amazon and Flipkart, and offline in a few Bangalore stores earlier this year. The response to their ‘easy-to-use tech’ has been nothing short of overwhelming, and their deep experience enables exceptionally quality, and market-beating prices coupled with robust after-sales service.
The opportunity
The Indian kitchen appliances market is understood to be a $5.5 B opportunity, growing at a nearly 10% CAGR. At 29%, a meaningful portion of this market is online, of which Amazon occupies the giant share. However, most of this market remains offline, split between general and modern trade.
The gap
The appliances market is an underserved space, with most categories having low penetration rates. Given the rise in disposable income, the trend towards premiumization, and the exposure to international standards and design, this is bound to change.
However, the biggest gap we saw was that the kitchen was increasingly becoming commoditized. With limited pantry space, most brands weren’t even attempting to understand the Indian kitchen needs, and continued to bring in traded products with little or no R&D. For example: The Indian kitchen differs substantially from Western ones and needs specialized features. Electric mixers need thicker blades for grinding. Chimneys need higher suction for heavy fumes generated by frying and longer cooking times.
This trading nature of the industry, as a result, has led the Indian consumer to pay more for brand than for product or functionality, leading to multiple brands offering the exact same product with minimal (aesthetic) differences at drastically varying price points.
The consumer
Simultaneously the consumer has evolved. With nuclear families and a new generation of millennial and Gen-Z users, there is demand for kitchens that solve for the following:
Convenience: Save time, complexity and kitchen space without affecting the outcome.
Aesthetics: An enjoyable space in which to spend a large portion of my time.
Safety: Health and safety are a critical feature.
Technology: Use technology and innovation to deliver tangible benefits.
Service: Prompt and professional follow-ups on after-sales service.
The moat
The Beyond team’s experience in this category has led to the creation of not one but three strong moats.
Innovation: The brand’s NPD pipeline is strong, and reflects the founders’ focus on innovation and convenience at affordable prices.
Production: In-house production capability, a strong production team, and access to best-in-class raw materials enables agile prototyping, and continuous improvement in range and quality.
Culture: The team shares a consumer-obsessed culture, where they use strong feedback loops to continuously improve, and deliver products that are reverse-engineered to relieve pain points.
At Fireside Ventures, we believe that the home kitchen is ripe for disruption. Besides TVs and fans, the appliances space continues to be under-served. As younger consumers upgrade from the kitchens they’ve grown up seeing, we expect to see rapid growth in categories like air coolers, air conditioners, refrigerators, washing machines, and microwave ovens, as well as a wide range of new products like coffee machines, air fryers, and the like.
We’re thrilled to partner with a brand that is leading the way in disrupting this space. From surfing content while cooking, to setting timers and whistle counts from the stovetop itself, we’re looking forward to more and more consumers discovering what it means to “be beyond!”
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