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Elista, a home-grown consumer electronics brand, plans to set up a manufacturing facility to meet the growing demand in the domestic market and to support its foray into international markets.
Elista is part of TeknoDome Group, a sole distributor for Toshiba Lifestyle products. In August 2020, the company launched a range of consumer electronics products under its own brand including Smart LED TVs, washing machines, dishwashers, air coolers and IT accessories like UPS, keyboard and LED monitor among others.
“The first two years of journey have been very exciting. We managed to touch a revenue of ₹158 crore in FY22 against a target of ₹125 crore. Revenues from TV sales were ₹110 crore, exceeding the target of ₹80 crore,” said Saket Gaurav, Chairman and Managing Director, Elista.
At present, 70 per cent of Elista’s business comes from the television segment. The company is targeting to sell 110,000 units of Smart TVs by FY23 and cross 200,000 units landmark by FY24.
“Currently, we are doing outsourced manufacturing. The strategy is to create a market for about 2,00,000 TVs per year and also focus on exports and set up a manufacturing unit to meet that demand,” Gaurav said.
The Noida-based company said it is in talks with some State governments to set up a manufacturing plant, preferably in north India, at an estimated cost of about ₹100 crore.
Demand from South
Gaurav said South is the best performing market for the company with over 30 per cent of business coming from this region. “We are doing exceedingly well in Tamil Nadu, Karnataka and Andhra Pradesh. We have recently forayed into Kerala. We need to develop in north and western States like Gujarat, Maharashtra, Bihar, Jharkhand and Uttar Pradesh.”
Elista plans to commence exports by the end of the current year. “We will launch in Dubai and then spread to other markets where our channels are already existing,” Gaurav said. TeknoDome, the parent company of Elista, already has presence in Dubai, Middle East, Commonwealth of Independent States (CIS) countries, East Europe, and African markets.
The company is targeting revenue of ₹350 crore from domestic markets in FY24 and over ₹100 crore from the exports market.
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