In the bid to become full-fledged consumer electronics company Micromax today said that it will invest Rs 200 crore into washing machines, refrigerators, and air coolers, over the next 12 to 18 months, as it diversifies into new segments and moves towards becoming a consumer electronics brand.
Meanwhile, the company plans to launch 8 models of refrigerators, 16 models of Washing Machines, 10 models of air conditioners and 8 models of air coolers and aiming to achieve 2000 crore revenue by 2020 with the diversification, Consumer Electronics segment will have 30 percent share in overall Micromax revenue by March 2019.
Rajesh Agarwal, Co-founder, Micromax Informatics Ltd. said, "Overall India's Consumer Electronic market is growing at 11-13 percent. Two years back, we announced our vision to be a leading consumer electronics brand by diversifying the product portfolio and moving into non-mobility segment as well. In the past two years, we have been consistently working towards democratizing technology and bringing best of products at an affordable price point. With our new category and expansion of our existing products, we are working towards becoming a leading consumer electronics brand and are very confident that 2018 will be a landmark year for us in this segment."
The company is also aiming for 3 percent market share in 1st year, 5 percent market share in the 2nd year and 7 percent in the 3rd year. Democratizing technology for the masses, the company is aiming to launch Semi-automatic washing machines and Direct Cool Refrigerators by March 2018.
The company has already invested around 300 crores in the last 2-3 years and is planning to invest around 200 crores more in the next couple of years.
The new launch across segments will be promoted through a mix of digital marketing & region-specific BTL activities.
Micromax has also set up dedicated service centers and a special customer service application for the new product segment to provide its customers with the best after sales service experience. With peak summer approaching, Micromax is set to penetrate the market with a strong distribution channel spread across the length & breadth of the country.