Aiwa India expects sales of Rs 8,000 crore over the next 5 years

6 Jul 2022 , 03:47 PM

Aiwa India, a consumer electronics company, said on Wednesday (05-07-2022) that it expects to generate Rs 8,000 crore in sales over the next 4—5 years and that it will initially invest roughly Rs 160 crore to grow its business in India. Aiwa, a company founded in Japan in 1951, has joined up with Dixon Technologies to produce televisions in India, according to Ajay Mehta, managing director of Aiwa India.

"Over the next 4-5 years, we want to generate about Rs 8,000 crore in income. We anticipate making about Rs 400 crore in income from the sale of television and audio items this year. To reach the bigger goal, we will diversify our portfolio "explained Mehta. He continued by saying that the business will spend Rs 160 crore on marketing over the following two years, concentrating on social media to further its campaign.

He was speaking in conjunction with the introduction of the Magnifiq series of Aiwa smart TVs, which will have screens ranging in size from 32 to 65 inches. In the beginning, the business would sell TVs through 300 merchants around the nation.

Mehta stated that the business intends to grow its reach to around 3,500 stores within a year and double the number of retailers by September of the current year. "Our main item will be television. Our smart TVs are approved by Google. At first, we would exclusively sell to offline shops "explained Mehta.

The current global income of Aiwa is close to Rs 8,000 crore. The firm launched audio items in April 2021 to kick up operations in India. Mehta said that the business will introduce new consumer durable items the next year, such as refrigerators and washing machines.

By March 2023, we anticipate selling 1.5 lakh smart TVs, according to Mehta. In five years, the business wants to take 5% of the market. "We want to take our time and go slowly through the market. For this reason, we have maintained a conservative projection of TV's market share at 5% for the next five years "explained Mehta.