Daewoo India, the local subsidiary of the South Korean conglomerate aims to achieve ₹500 crore in revenue by FY27 and to do this, plan to launch two to three products each quarter, according to HS Bhatia, Managing Director, DAEWOO India. The company, which re-entered the Indian market in October 2023, is positioning itself in the consumer electronics sector in a bid to capture the ‘Beyond China’ strategy to expand its presence.
Bhatia explained how Korean brands are seeing a natural advantage in the burgeoning Indian market. “As Chinese companies face challenges related to investment and expansion in India, we believe that Korean brands, which are viewed as more trustworthy, are well-positioned to benefit.”
With this, the electronics and appliances company is targeting ₹1000 crore topline by FY29. Additionally, the company is focusing heavily on brand building in the first two years. So far, it has invested ₹300 crore to build its infrastructure and workforce.
Currently, it has hired over 100 employees. “We’re already over 100 employees, and our team is growing in both sales and service. As the company expands, we plan to add more people,” said Bhatia.
He also noted that DAEWOO is not focusing on manufacturing in India initially. “For the first two years, there won’t be any manufacturing,” he said. “We’re focusing on plant building, infrastructure creation, and inventory management. As we grow, if we move towards a manufacturing unit, a separate investment will be required, including for handling shipments.”
DAEWOO also outlined its supply channel strategy and highlighted its plans to enter the online space. “Around 9-10 percent of appliance sales occur online, and we are in talks with two major e-commerce platforms to get listed,” a company representative explained. “In addition, we will launch our own website and have plans to open exclusive brand outlets (EBOs) in the future.”
Currently, DAEWOO sells products across various categories, including power, electronics, kitchen appliances, and mid-size home appliances, with a distribution network of over 2,000 distributors and dealers across 11 States.