Endefo, a Dubai based electronics brand and a part of Ashtel Group, is planning to invest ₹200 crore in the Indian wearable technology market by the end of 2024.
With this investment, the company is planning to capture a 10 per cent market share in the Indian weartech segment over the course of three years.
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According to the company, it will launching launching six premium verticals, including sound bars, portable speakers, TWS (true wireless stereo), BoomBox, smart watches, and party speakers.
The products will be accessible through more than 2,000 retail outlets, Amazon, and the company’s own e-commerce platform, it added.
In addition to new verticals, the company will make substantial investments in other sectors to complement its core expertise in mobility, IT, and sound technology.
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“Witnessing the immense potential that the Indian market holds in the consumer tech segment, we proudly unveil a momentous investment that stands as one of our largest in India. All our products are and will be Made in India. The total investment of ₹200 crore in India will be directed towards expansion, new verticals/products, etc. We believe in India’s Atmanirbhar vision and are committed to embracing the self-reliant India momentum,” said Aneef Tas, CEO of Endefo.
The company claims to have established a market presence in the southern region, and now, with this launch, it plans to expand to the States in North and West India. Established in 2003, with its headquarters in Dubai, UAE, Ashtel currently has a presence in 24 countries.
Published on June 14, 2023
