Videomax International Pvt. Ltd (VMI) has announced its plan to invest Rs 100 crore in expanding its consumer electronics brand, Skyball, over the next three years. The investment is aimed at achieving a turnover of Rs 500 crore during the same period. Skyball, which offers home audio, smart accessories and consumer electronics, is targeting a turnover of Rs 100 crore this year.
Sandeep Gupta, Chairman & Managing Director of VMI & Skyball, said that the company has two manufacturing plants located in Greater Noida and Roorkee, with a combined factory area of 120,000 sq. ft. He added, “Our focus is on providing the best technology to our consumers.”
The expansion plan includes the launch of new products, increased marketing activities, and the addition of new distribution channels. The company also plans to increase its retail presence across the country.
According to Gupta, Skyball is targeting the mid and high-end consumer segments with its range of products. The company’s product portfolio includes wireless speakers, earphones, headphones, power banks, and chargers. Skyball is also planning to introduce new products in the smart home automation category in the near future.
The investment in the expansion of Skyball comes at a time when the consumer electronics market is witnessing significant growth in India. The pandemic has accelerated the adoption of digital products and services, leading to an increase in demand for consumer electronics products. The Indian consumer electronics market is expected to reach $400 billion by 2025, according to a report by the India Brand Equity Foundation.
The competition in the consumer electronics market is intense, with both established players and new entrants vying for a share of the growing market. Skyball’s expansion plan will help the company to increase its market share and stay competitive in the market.
VMI, the parent company of Skyball, has been in the consumer electronics business for over two decades. The company has a strong presence in the Indian market and is known for its quality products and after-sales service. With the expansion of Skyball, VMI aims to strengthen its position in the market and cater to the growing demand for consumer electronics products in the country.
In addition to expanding the Skyball brand, Videomax is also planning to launch a new brand called Vio. The company intends to offer a range of products under this brand, including smart home appliances, air purifiers, and other related products. This move comes as part of the company’s long-term strategy to diversify its product portfolio and capture a larger share of the consumer electronics market in India.
Videomax also plans to increase its presence in the retail market, with a focus on establishing exclusive stores for its Skyball and Vio brands. The company is currently in talks with several leading retailers and e-commerce platforms to explore potential partnerships.
“We are excited to expand our product portfolio and bring innovative technology to our customers through our Skyball and Vio brands. Our aim is to become a leading player in the consumer electronics market in India, and we are confident that our investments in R&D and manufacturing will help us achieve this goal,” said Gupta.
In conclusion, the investment by Videomax International Pvt. Ltd in expanding its consumer electronics brand, Skyball, is aimed at capturing a larger share of the growing consumer electronics market in India. The company’s focus on providing the best technology to its consumers and its plans to launch new products and increase its retail presence are expected to help it achieve its target turnover of Rs 500 crore in the next three years. The expansion of Skyball is a positive sign for the consumer electronics market in India and is expected to create employment opportunities in the manufacturing and retail sectors.
