Digital technology is increasingly touching the life of every one of us. Anticipating the tremendous potential for innovative products required by the ever-evolving users in the computing and digital world, Formula 10 was launched in April 2018 with the objective of adding speed to the daily digital life of each one of us.
At Formula 10, we care for our consumers and are driven by the brand’s spirit. We are committed to bring you creative, unique and user-friendly electronic products to you.
Mobile Phone Accessories Market Overview:
Mobile phone plays an important and vital role in modern day-to-day life. Increasing adoption of smartphones, as they offer effective connectivity to the digital world, majorly drives the market. Rise in the demand for wireless accessories also boosts the market growth. This increase in demand is due to the change in customer preferences to listen to music on portable devices, such as smartphones and tablets. In the current business scenario, it is crucial to employ efficient systems for wireless technologies, owing to increase in the purchasing power and changes in lifestyles of the people. This is the key factor that boosts the sales of mobile phone accessories in the developing economies. However, excessive use of headphones affects the hearing ability of the users, which restricts the market. Rapid technological advancements, including implementation of noise cancelling technology, Bluetooth/NFC speakers, and built-in fan and light in selfie sticks, are expected to offer lucrative growth opportunities in the near future.
The Indian mobile phone accessories market is segmented based on product type, distribution channel, price range, and region. Based on product type, the market is divided into battery, headphone/earphone, portable speaker, charger, memory card, power bank, battery case, protective case, and others (USB cable and selfie stick). Based on distribution channel, it is bifurcated into online and offline. By price range, it is segmented into premium, mid, and low. Based on region, the market is analysed across Nation, Hence Competition is very tough in today’s scenario.
Our India Operations
Formula 10 is a start-up enterprise that has its corporate office in New Delhi, and strong pan-India presence with 50 channel partners. The brand today has an enviable penetration and its products are available in more than 50 cities and towns. Formula 10 has over 100 outsourced service centres to provide timely after-sales services across the country. We offer 400 days’ exclusive warranty.
Every single team member of Formula 10 is dedicated to our core values – commitment, ethics and relationship. Further, they work towards realizing Formula 10’s mission ‘to be the most preferred brand in the computing and the digital lifestyle world’. It’s a complete team effort at Formula 10, as it’s the people, the team, their dedication, and their commitment that made Formula 10 what it is today.
Product Portfolio of Formula 10
Formula 10, which started off with 08 product categories with 17 SKUs of data cable, charger, car charger, power bank, earphone and multi-port Chargers, will be adding more products in the near future. Formula 10 today is considered as one of the most innovative and fastest growing brands in most of product categories the brand is present in.
We will be adding 10 more Categories and 50 other SKUs to complete our portfolio, i.e. head phone, BT speaker, wireless car charger, music system, aux cable, BT headphone, BT receiver, wearable devices, security equipment, smart switches, smart lights and smart watch.
Premium quality, beautiful designs & 400 days’ service replacement warranty
Make in India Plans
Yes, by 2018 year end, we are looking forward to have Make in India products. We have been talking to a few manufacturing units to support us initially and later we would start our own manufacturing.
Plans for Investment in Year 2018-2019
We are looking forward to investing Rs.10-15 Cr by year end. Adding 50 more SKUs to the bucket and the Make in India plan will demand more investment for which we are getting ready.
Teamwork, innovation and passion are the three pillars of the brand, Formula 10. Having built ourselves on these three pillars, helped us write a success story, not just for the company but also for the people associated with it. The products truly represent the Formula 10 philosophy – “Enlighten people’s life with passionate innovation in the technology world” which inspires us to bring products desired by the Indian consumers. At Formula 10, our continuing endeavour is to improve, enhance and introduce robust and user-friendly products with the latest technologies.