Gizmore Set to Make 1 Million Smartwatches with Optiemus Electronics in India

- Advertisement -
- Advertisement -
  • Gizmore aims to grow 4x in FY 2023-24 and sell 1.5 mn smartwatches, capturing 5% of India’s market share
  • It plans to focus on R&D to create a technologically-advanced ecosystem and expand the reach of its ‘Tres Connect’ software

One of India’s leading smart accessories brands, Gizmore recently announced its collaboration with Optiemus Electronics Limited (OEL) to manufacture around 1 million smartwatches in the next 12 months. Gizmore plans to sell over 1.5 million smartwatches in 2023-24 and capture a 5% market share in India. Notably, it has set a target to grow its smartwatch business by four times from INR 50 crore in the current fiscal year to over INR 200 crore in 2023-24. As per the partnership deal, Optiemus Electronics will manufacture around 75% of the total volume of Gizmore in India in the coming years.

It is learnt that products like Blaze Max, Vogue and other upcoming Amoled smartwatches from Gizmore are planned to be manufactured with OEL. Gizmore has targeted manufacturing 1.5 million smartwatches in 2023-24.

The CEO and Co-Founder of Gizmore, Mr Sanjay Kalirona remarked: “Consumers have shown immense faith in Gizmore. As a result of consumer trust, we have achieved encouraging growth numbers. We have introduced several new models in quick succession and created a strong base in the smartwatch segment. We sold over 40,000 smartwatches in October last year, i.e. during the festive season. In comparison, we are targeting sales of over 50,000 units every month from January onwards. We plan to continue to delight our customers by introducing several new product features. The overwhelming customer support and our consistent efforts will help ensure that we can capture a 5% market share in the Indian smartwatch industry by the end of next fiscal.”

- Advertisement -

The MD of Optiemus Electronics, Mr A. Gururaj commented: “The production-linked incentive (PLI) scheme from the Government of India is beginning to transform the manufacturing ecosystem in the country. Our partnership with Gizmore is another step towards empowering India to play a critical role in global electronics manufacturing. With a young aspirational population, the smartwatch segment in India is expected to continue its growth run for at least the next few years. We are happy to partner with Gizmore and contribute to their growth journey.”

Gizmore stated that it plans to focus on research and development to create a technologically-advanced ecosystem and expand the reach of its software for smartwatches, namely, Tres Connect, built in association with Quadlabs Technologies. Notably, the brand has already launched two models – GizFit Slate and GizFit Ultra – integrating the Tres Connect app.

Gizmore identifies as an affordable smart accessories brand that offers premium products with innovative features and quality excellence and is in sync with the aspirations and demands of the consumer of new India. Gizmore has set up a countrywide network of over 15,000 dealers.

Optiemus Electronics Limited (OEL), a wholly-owned subsidiary of Optiemus Infracom Limited, is engaged in the business of electronics manufacturing in India. It claims to provide end-to-end solutions to global and Indian brands encompassing manufacturing, supply chain management and repair/refurbishment.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

How Effective Will The Global Biofuel Alliance Be?

0
From environmental benefits to economic opportunities, the potential of biofuels in revolutionising our energy landscape. India has made history by hosting the 18th G-20 summit...
Marina

Investments In Drone Industry Decline To US$1.7 billion

0
The 2023 data now separates drone company funding from AAM/eVTOL funding, which significantly boosted the total in 2020 and 2021. Drone companies received US$1.7 billion...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

Buzz

Mineral Demand Soars With EV Growth In Korea

0
According to a recent report, South Korea's demand for essential minerals is projected to increase 19 times between 2021 and 2040, driven by the...

Ola Electric Leads With 205 EV Patents

0
Ola Electric, the Indian EV manufacturer set for an IPO, has become the top patent publisher in the country among its peers for the...

Oshkosh Invests In AI Battery Management Firm Eatron

0
Oshkosh's investment in Eatron aligns with its goal to use advanced analytics and predictive modelling for lithium-ion battery management across its electric vehicle fleet. Oshkosh...

Important Sectors

Mineral Demand Soars With EV Growth In Korea

0
According to a recent report, South Korea's demand for essential minerals is projected to increase 19 times between 2021 and 2040, driven by the...

Servotech Secures Major Order For Fast EV Chargers From Indian Oil Corporation And OEMs

0
This strategic move underscores the company's commitment to bolstering India's EV infrastructure and accelerating the nation's transition to sustainable mobility. Servotech Power Systems Ltd. has...

Ola Electric Leads With 205 EV Patents

0
Ola Electric, the Indian EV manufacturer set for an IPO, has become the top patent publisher in the country among its peers for the...

Oshkosh Invests In AI Battery Management Firm Eatron

0
Oshkosh's investment in Eatron aligns with its goal to use advanced analytics and predictive modelling for lithium-ion battery management across its electric vehicle fleet. Oshkosh...

Centre, Maharashtra To Boost Solar & EVs Under PM Suryoday Scheme

0
The Solar2EV Project for Social Justice aims to facilitate the registration of 200,000 electric vehicles in Maharashtra by leveraging solar energy. The Maharashtra and central...

Manufacturing

Union Cabinet Approves CG-Led JV Proposal For OSAT Facility In Sanand

0
CG Power owns a 92.3% stake, while Renesas Electronics and Thai OSAT provider Stars Microelectronics will have 6.8% and 0.9% equity, respectively in the...

Govt Sanctions 3 Semiconductor Plants; Rs 1.26 Lakh Cr Investment

0
The Dholera (Gujarat) semiconductor fab will produce 50,000 wafers monthly. In contrast, the Morigaon (Assam) and Sanand (Gujarat) units will assemble, test, monitor, and...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

MeitY Secretary: Domestic Semiconductor Manufacturing Is The Next Big Thing

0
At the India Digital Summit (IDS) 2024, S Krishnan, Secretary of MeitY, highlighted that India is on the brink of a major move towards...

Tata Picks Somerset For UK Battery Plant

0
The Bridgewater factory, operated by the subsidiary Agratas, will initially produce batteries for JLR and Tata Motors; with a capacity of 40GWh, it will...