The company plans to invest around Rs 160 crore initially to expand its business in India
Consumer electronics company Aiwa India aims to clock Rs 8,000-crore revenue over the next 4-5 years and plans to invest around Rs 160 crore initially to expand its business in India, a senior official of the company said on Wednesday.
Established in 1951 in Japan, Aiwa has partnered with Dixon Technologies for manufacturing television sets in India, Aiwa India managing director Ajay Mehta said.
"We aim to have revenue of around Rs 8,000 crore over the next 4-5 years. This fiscal we are looking at revenue of around Rs 400 crore from sales of television and audio products. We will be diversifying our portfolio to achieve the larger target," Mehta said.
He further added that the company will invest Rs 160 crore in marketing over a period of next two years and will focus on social media to push its campaign.
He was speaking on the sidelines of the launch of Aiwa smart TV range, Magnifiq series, which will be available in 32-to-65-inch screen size.
The company will sell TVs through 300 retailers across the country initially.
Mehta said that the company plans to double its retailer count by September this year and further increase the reach to around 3,500 retailers in a year.
"Television will be our anchor product. Our smart TVs are Google certified. We will sell only through offline retailers only initially," Mehta said.
Aiwa's present global revenue is around Rs 8,000 crore. The company started India operations in April 2021 with the launch of audio products.
Mehta said that the company will add new consumer durable products next year which will include washing machine, refrigerator, etc. The company expects smart TVs to contribute 51 per cent in overall business.
"We expect to sell 1.5 lakh units of smart TVs by March 2023, " Mehta said.
The company is looking to garner 5 per cent market share in five years.
"We want to go slow and invest time in the market. That is why we have kept a conservative estimate of 5 per cent market share for TV over the next 5 years," Mehta said.