NEW DELHI: The wearables, gaming, and audio company Fire-Boltt, which also sells fitness and fashion products, took the lead in the smartwatch market during the April to June quarter. Boltt Games Pvt. owns it. Market share estimates for Savex Technologies Ltd., which was founded by Savex Technologies, put the business at 28% and 25%, respectively, of the market. Arnav Kishore, the founder, and CEO of Fire-Boltt stated in an interview that the company aims to increase brand loyalty through innovations, new goods, and affordable prices. By the conclusion of FY23, the company hopes to increase its present 500 crore turnover to 2,000 crores. Edited passages:
Although your business has been around for seven years, the brand has only lately expanded. Describe the difficulties.
When we first began in 2015, our vision and goal were to improve fitness in India by offering the best wearables available. We were one of the first wearable technology businesses in India at the time, and there wasn’t much competition. With sensor technology, we made significant advances in tracking daily fitness, including running speed and other technical parameters that were useful to cyclists and athletes. However, the market was quite small and undeveloped at the time. It was challenging to attract clients. People weren’t very aware of what wearable technology was. As a result, getting started took some time.
After the pandemic, in 2020, we began to see a window of opportunity for smartwatches as the popularity of fitness trackers began to wane and the concept of smart watches began to take hold. People started to suddenly pay more attention to their health and fitness. However, there was a significant disparity between the available product types, features, and price points. We intended to take up a position there.
What is the future strategy?
We have put in a lot of effort in less than two years and are now India’s top brand for smartwatches. A variety of factors, including the development of the ideal collection of products, have contributed to the rise. When it comes to product strategy, we are aggressive. We introduced the first Bluetooth calling watch and the first smartwatch with an integrated oxygen saturation monitor in India, and we now have over 30 of those in our inventory.
From where will the sales come?
Both metros and non-metros will contribute to the sales. However, the scale will eventually come from non-metropolitan areas because we are well-represented in several offline channels and now have a network of approximately 35,000 selling points, including organized retail chains like Reliance (Digital) and Croma.
We are aiming for the aspiring youth, who probably yearn to get an Apple Watch but are unable to do so because of financial constraints.
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