Mobile handset maker Micromax Informatics Ltd on Monday entered the refrigerator and washing machine segment in India. The company has confirmed that the products will be available from mid-May in the country. The brand is all set to launch 8 models of refrigerators, 16 models of Washing Machines, 10 models of air conditioners and 8 models of air coolers. It is also aiming to launch semi-automatic washing machines and direct cool refrigerators by March 2018.
Commenting on the launch, Rajesh Agarwal, Co-founder, Micromax Informatics Ltd. said, “OverallIndia’s Consumer Electronic market is growing at 11-13%. Two years back, we announced our vision to be a leading consumer electronics brand by diversifying the product portfolio and moving into non-mobility segment as well. In the past two years, we have been consistently working towards democratizing technology and bringing best of products at an affordable price point. With our new category and expansion of our existing products, we are working towards becoming a leading consumer electronics brand and are very confident that 2018 will be a landmark year for us in this segment.”
Meanwhile, the company plans to launch 8 models of refrigerators, 16 models of Washing Machines, 10 models of air conditioners and 8 models of air coolers and aiming to achieve 2000 crore revenue by 2020 with the diversification, Consumer Electronics segment will have 30 percent share in overall Micromax revenue by March 2019.
The company has already invested Rs300 crore towards its manufacturing facilities in the last three years and it expects to invest another Rs200 crore in the next 24 months. Micromax has set aside a marketing budget of about Rs60 crore for building its consumer electronics segment.