Micromax Informatics Ltd., today entered the refrigerator and washing machine segment in India. Targeting the mass segment, Micromax is all set to launch 8 models of refrigerators, 16 models of Washing Machines, 10 models of air conditioners and 8 models of air coolers. Aiming to achieve 2000 crore revenue by 2020 with the diversification, Consumer Electronics segment will have 30% share in overall Micromax revenue by March 2019.
With this launch the company is yet again expanding its product portfolio, offering consumers the products with the unique features that is designed for Indian climate and ecosystem. For Refrigerator and Washing Machine category, Micromax will be aiming for 3% market share in 1st year, 5% market share in 2nd year and 7% in 3rd year. Democratizing technology for the masses, the company is aiming to launch Semi-automatic washing machines and Direct Cool Refrigerators by March 2018.
Commenting on the launch, Rajesh Agarwal, Co-founder, Micromax Informatics Ltd. said, “Overall India’s Consumer Electronic market is growing at 11-13%. 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 democratizing technology and bringing best of products at 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.”
Micromax has been one of the front runners of the ‘Make in India’ initiative, by assembling the products locally and quickly ramping up and building capacity of complete manufacturing in close partnership with the Government. The company has already invested around 300 crores in the last 2-3 years and is planning to invest around 200 crores more in the next couple of years.