- 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.”
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.