The Gurugram-based company is set to establish as many as eight fridge models and 16 washing machine versions along with ten models of air conditioners and eight versions of air coolers. The first range of semi-automatic Micromax washing machines and direct-cool refrigerators are anticipated to arrive in the country sometime after this month.With a goal to achieve Rs. 2,000 crores revenue by 2020, Micromax is targeting to its consumer electronics segment to have 30 percent share of its general earnings by March 2019. Especially for the refrigerator and washing machine class, the company is aiming for three percent of market share from the very first year, five percent in the next year, and seven percent in the next year.
“Two decades ago, we announced our vision to be a leading consumer electronics brand by minding the product portfolio and moving into non-mobility segment too. In the past two years, we have been working towards democratising technologies and bringing best of products at an affordable price point. With our new category and growth of our existing products, we are working towards becoming a leading consumer electronics and are very confident that 2018 will be a milestone year for us within this segment,” said Rajesh Agarwal, co-founder, Micromax Informatics, in a press statement.
Micromax has already established dedicated service centers and a special customer service application in the brand new product segments. What’s more, the company is planning to set a powerful distribution channel “spread throughout the length and breadth” of the nation.
In the previous two to three decades, Micromax has spent around Rs. 300 crores and can be set to spend around extra Rs. 200 crores in the next couple of years. The investment is entire intended to help the company ramp up the building of its electronics products locally and build the capability of complete local production to donate to the government’s ‘Make in India’ initiative.