Device-maker iVOOMi which entered the Indian market in March 2017 will be shifting its entire wearables manufacturing to India by the end of 2019, reported ET Telecom.
Currently, the company is manufacturing IoT devices at its Shenzhen facility and is aiming a market share of 6-7% by March 2019 and 10% by end of 2019 in the wearable space.
Ashwin Bhandari, CEO, iVOOMi India in an interaction with ET informed that by the end of 2019 they will create their own market by penetrating Tier-2/3 cities which remain untapped so far. He further said that also, by 2019 iVOOMi will invest $30 million in wearable category in R&D, manufacturing, marketing and sales.
ET reported that the company has plans of launching two more fitness bands in the country this year where its first product will be for masses at disruptive price point especially targeted at first time users and the second will be on a premium side which will be a fully feature-rich device.
The device-maker is aiming 25-28% of total company’s revenue to come from IoT category and has a targeted growth rate of 200% year-on-year for the company. By the end of 2019 the company is expecting to see a big hike in the wearables market as most of the brands have already started targeting Tier 2/3 audience and there will be many cost-effective options available for Indian audience by then.
