Gizmore, India’s Smart Accessories, Fitness Gear, and Home Audio brands, plans to sell over 1.5 million smartwatches in 2023-24 and capture a 5% market share in India.
Gizmore today also announced its partnership with Optiemus Electronics Limited (OEL) to manufacture around 1 million smartwatches in the next 12 months.
For FY2022-23, Gizmore expects to sell around 4 lakh smartwatches. Gizmore 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. Under the partnership, Optiemus Electronics will be manufacturing close to 75% of the total volume of Gizmore in the country in the coming years.
According to Sanjay Kalirona, CEO and Co-Founder of Gizmore, “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.”
Gizmore smartwatches are exclusively available on Flipkart along with several pan-India retail stores and the company-owned website www.gizmore.in. Gizmore has targeted manufacturing 1.5 million smartwatches in 2023-24.
OEL, a wholly-owned subsidiary of Optiemus Infracom Limited, is a leading OEM brand to offer customized telecom, IT, hearables and wearables, and retail technology solutions to several top brands.
“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,” said A. Gururaj, MD, Optiemus Electronics Ltd.
Products like Blaze Max, Vogue and other upcoming Amoled smartwatches from Gizmore are planned to be manufactured with OEL. The partnership with OEL is another testament to Gizmore’s commitment to the Make in India initiative.
Gizmore plans to focus on research and development to fuel the next growth phase. The brand plans to expand the reach of its software for smartwatches, namely, Tres Connect, built in association with Quadlabs Technologies. Gizmore has already launched two models – GizFit Slate and GizFit Ultra – integrating the Tres Connect app. The brand plans to continue its R&D initiatives in the future to create a technologically-advanced ecosystem for its consumers.