Device-maker iVOOMi which entered the Indian market in March 2017 will be shifting its entire wearables manufacturing to India by the end of 2019. Currently, the company is manufacturing IoT devices at its Shenzhen facility and is aiming a market share of 6-7% by March 2019 and 10% by end of 2019 in the wearable space.
“By the end of 2019 we will create our own market by penetrating Tier-2/3 cities which remain untapped so far. Also, by 2019 we will invest $30 million in wearable category in R&D, manufacturing, marketing and sales,” told Ashwin Bhandari, CEO, iVOOMi India in an interaction with ET.
The company has plans of launching two more fitness bands in the country this year where its first product will be for masses at disruptive price point especially targeted at first time users and the second will be on a premium side which will be a fully feature-rich device.
“As per current stats, wearable category is not very popular among Indian audience especially Tier-2/3/4 audience. We want to tap this market by launching products which they can relate to and use in their daily lives,” said Bhandari.
By the end of 2019 the company is expecting to see a big hike in the wearables market as most of the brands have already started targeting Tier 2/3 audience and there will be many cost effective options available for Indian audience by then.
The device-maker is aiming 25-28% of total company’s revenue to come from IoT category and has a targeted growth rate of 200% year-on-year for the company. Recently iVOOMi came up with a fitness band that supports pollution tracking/AQI feature. Now the company is working on AI and voice assistant based fitness bands which we will launch in Indian market soon.
As earlier reported by ET, the company’s long-term vision includes plans of expanding in terms of designing and manufacturing its entire product in India and has a goal of developing an export-centric area for which it sees 2020 as the timeline. Meanwhile, iVOOMi is also targeting to bring its first 5G device by mid-2019.
iVOOMi is an online-only brand where all of its products selling in India are online exclusives via Flipkart and Amazon.