Micromax on Monday announced its debut in the refrigerator and washing machine segments in India. The Gurugram-based company is set to launch as many as eight refrigerator models and 16 washing machine models in addition to 10 models of air conditioners and eight models of air coolers. The first range of semi-automatic Micromax washing machines and direct-cool refrigerators are expected to arrive in the country sometime later this month.
With an aim to achieve Rs. 2,000 crores revenue by 2020, Micromax is targeting to its consumer electronics segment to have 30 percent share of its overall revenue by March 2019. Specifically for the refrigerator and washing machine category, the company is aiming for three percent of market share in the first year, five percent in the second year, and seven percent in the third year.
"Two years back, we announced our vision to be a leading consumer electronics brand by diversifying the product portfolio and moving into non-mobility segment as well. In the past two years, we have been consistently working towards democratising technology and bringing best of products at an affordable price point. With our new category and expansion of our existing products, we are working towards becoming a leading consumer electronics brand and are very confident that 2018 will be a landmark year for us in this segment," said Rajesh Agarwal, co-founder, Micromax Informatics, in a press statement.
Micromax has already set up dedicated service centres and a special customer service application from the new product segments. Further, the company is planning to establish a strong distribution channel "spread across the length and breadth" of the country.
In the last two to three years, Micromax has invested around Rs. 300 crores and is set to invest around additional Rs. 200 crores in the next couple of years. The investment is overall planned to help the company ramp up the assembling of its electronics products locally and build the capacity of complete local manufacturing to contribute to the government's 'Make in India' initiative.