NEW DELHI: Homegrown smartwatch maker Fire-Boltt is aiming to triple its revenue to Rs 1500 crore by the end of this year and is preparing to kick start local manufacturing of a large part of its smartwatch portfolio in coming months.
“We are looking to scale our revenues upto 3x in next 9 months..we are poised to do so with the kind of product roadmap we have and we are planning to expand into adjacent categories in the wearable IoT space,” Arnav Kishore, Founder & CEO at Fire-Boltt told ET.
The company is also expanding its sales globally having conducted a pilot in Dubai in partnership with Amazon. Ayushi Kishore, Co-Founder said that the company is now planning to enter Dubai’s offline channel which will be followed by forays in other countries.
The company started its operations in 2015 where it came up with a product line of fitness bands and a couple of IoT products. “The market was a little nascent then in the wearable tech space. We have gained experience over these years. The software technology and wearable tech as a segment actually catapulted us into re-launching firebolt about 15 months back with smartwatches only,” Ayushi said.
She said that the company sees smartwatch as a category which is more than health and fitness. It is also focusing on bringing lifestyle and fashion elements to attract Gen-Z customers in the country.
“In budget segment, most of the users are first time smartwatch users. We gave the largest portfolio worldwide with 50 different smartwatch models across price points,” she said.
Arnav said that the company is also trying to tap the analog watch users. “We are trying to transition analog watch users to a smartwatch, That market is untapped and we are trying to get that as well.”
It is also planning to enter audio and home entertainment categories in coming months.
The company sold 2.5 million smartwatch units in 2021 and over 900,000 units just in the last quarter of 2021 to become the number one smartwatch player in India with 24% market share, as per IDC.
He said that the company has recently entered into a partnership with a “very large group” to begin local manufacturing of its smartwatches in the next 30-60 days.
The company has been importing its products from its ODM partners in China. “We are looking to localise 60-70% of our product line. We are again looking at a mix of local manufacturing and some top products still coming from China,” Arnav said.
The company claims to have developed its own chipset, PCB and the Fire-boltt OS that power its smartwatches to ensure quality. “We have our own engineers sitting in India and China. We have hardware and software capabilities in house,” Ayushi said.
Fire-Boltt has so far invested $20 million in R&D, marketing and working capital. Ayushi said that the company is self-funded with a healthy bottom-line, but it is open to fundraise in near future to support the growth.
“We are open to certain strategic partnerships which can bring strategic value. In 6-12 months, we might raise some external capital as the brand continues to grow and scale up..so we may consider the option,” she said.