We attack young people who aspire to the Apple Watch: the head of Fire-Boltt

NEW DELHI : During the April-June quarter, Fire-Boltt, an apparel, gaming and audio brand that offers fitness and fashion products, emerged as the market leader in the smartwatch category. Property of Boltt Games Pvt. Ltd and incubated by Savex Technologies, the company’s market share was pegged at 28% by Counterpoint Research and 25% by IDC India. In an interview, Arnav Kishore, Founder and CEO of Fire-Boltt, said the brand seeks to build brand loyalty with innovation, new products and competitive pricing. The company aims to reach 2,000 crore revenue up from current 500 crore by the end of FY23, he said. Edited excerpts:

Your company is seven years old, but the brand has only recently grown. What were the challenges?

When we started in 2015, our vision and mission was to make India fitter by providing the best wearables in the segment. At the time, we were one of the premier wearable technology companies in India, with very little competition. We’ve done a lot of innovation with sensor technology on how sensors can track your daily fitness, from running motion to speed, and other technical metrics useful for athletes and cyclists. But at that time the market was very small and new. It was difficult to acquire customers. People didn’t really understand the meaning of wearable technology as such. So it took us a while to get started.

After the pandemic, in 2020, we saw an opportunity in smartwatches where fitness trackers started to die out and the idea of ​​smartwatches started to catch on. There was a sudden awareness and people started to become more health and fitness conscious. However, there was a big gap in terms of product types, feature types, and price. This is where we wanted to position ourselves.

What is the plan for the future?

In less than two years, we have worked hard and have become the No. 1 brand in the smartwatch segment in India. The growth was the result of many things, including the right set of product development. We are very aggressive when it comes to product strategy. We launched the first smartwatch with an inbuilt oxygen saturation tracker, the first Bluetooth call watch in India and now we have over 30 in the portfolio.

We also launched the industry’s first top display watch branded 5,000 brands. We are seeing 1,000% growth from last year to this year. We predict that we should cross the 2,000 crores and over 15 million units sales this year.

Where will the sales come from?

Sales will come from metros and non-metros. But scale will eventually happen from non-metro cities as we have a strong presence in multiple offline channels and have a network of nearly 35,000 outlets today, whether multi-brand sales, smartphone stores, watch outlets or organized retail outlets like Reliance (Digital) and Croma etc.

We’re targeting ambitious young people, who probably yearn to buy an Apple Watch but can’t afford it because their pocket doesn’t allow it.

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