Wearable and audio devices maker Fire-Boltt expects around five times growth in business to Rs 2,400 crore this fiscal with its plans to enhance brand loyalty of customers and offer specialized features for sports, fitness, and healthcare, a top official of the company said.
Arnav Kishore, Founder and CEO, Fire-Boltt shared that the company will start making all smartwatches in India in the next three months and expects to increase its market share in the category to 50 percent in the next 12-18 months.
The company is eyeing the smartphone user base in India, projected to reach Rs 100 crore in a few years, from where it expects a high level of traction for smartwatches.
"We are aggressively focusing on marketing campaigns in order to increase brand loyalty. In terms of revenue, we clocked around Rs 500 crore last fiscal year. Till September 2022, we have clocked around Rs 1,200 crore and expect close to Rs 2,400 crore (this fiscal)," Kishore said.
According to Counterpoint Research, India's smartwatch market grew by more than 300 percent year-over-year (YoY) to overtake China for the second spot, with Fire-Boltt becoming the fourth largest global smartwatch company with a 6.3 percent market share in the second quarter of 2022.
The company at present has a 30 percent market share in India, as per market research estimates.
"Our vision is to reach closer to that 50 percent mark in the next 12 to 18 months. In order to get a bigger market share in the industry, we will focus on the product as consumers look forward to the latest technology and innovation. Second, brand loyalty is quite low, thus the type of products being offered by the company and the price point is more important considerations," Kishore noted.
The company has roped in celebrities like Mahendra Singh Dhoni, Virat Kohli, Vicky Kaushal, Vijay Deverakonda, and Kiara Advani in the last year to reach out to its target market.
Kishore said rather than just working on hardware, Fire-Boltt is focusing on the ecosystem and the software side as in the long run consumers will like to be part of the broader ecosystem.
"We are working on a range of smartwatches specifically for fitness enthusiasts who are into scuba diving. As there are no dive computers in India, we are working on a smartwatch that can take you really deep, say 200 meters, and it provides real-time statistics about scuba diving metrics. Similarly, if you look at golf or tennis, we want to develop the right kind of algorithms that can cater to the smartwatch," he said.
The Fire-Boltt also founder sees running as a major emerging fitness category that will adopt smartwatches in a big way. He said that the company is developing running-specific smartwatches which will enable runners to track real-time analysis and metrics and it will be synchronized with users' smart shoes.
"On the health and fitness side, we are going to unveil a platform soon where consumers will be able to get automated coaching related to nutrition as it is an important component for fitness and gym enthusiasts. We are also creating a whole different community where one can interact with their friends and family and keep a check on their health performance," Kishore said.
Talking about the indigenization of smartwatches, Kishore said that the company is moving towards 100 percent localization in the next three months.
"At the moment, we are at 70 percent localization. This initiative will help us in optimizing the cost of products and offer them to our customers at an affordable price in India. We are the first brand to make a smartwatch in the state of Telangana...We are planning to produce 10 lakh units per month in India from next month onwards as part of our India manufacturing plan," he said.