Brandworks is the leading manufacturer of Smartwatches, TWS, neckbands, power banks, and other mobile accessories. During an exclusive interaction with Mobility Magazine, Ms. Nikita Kumawat, Managing Director of Brandworks, talks about the various strategies adopted by the brand to establish the determinant factor in its successful streak.
You have recently started manufacturing smartwatches. Tell us about the journey on this path.
As per Counter point research Smartwatch market in India grew by over 160% in Q3 2022 year on year, giving an immense opportunity for local manufacturing. Smartwatches are too trendy nowadays, and we felt that whether one is an active person or just starting to get his groove on, it is always good to keep track of day-to-day fitness. We have realised this need and are focusing on strengthening the smartwatch portfolio in the market. The smart watch has been designed to meet the aspiring needs of fitness enthusiasts who also want to make a fashion statement with superior watches. Smartwatch market for focus segments like health care, Senior care, kids security is also expected to grow.
What opportunities do you find in manufacturing in India?
The Indian Government is giving lots of attention and high priority to the manufacturing industry, including sufficient investment and development. There is a lot of potential in the manufacturing segment in India. Make in India will encourage more youth to look for opportunities in the country when it comes to more jobs and steady career growth. Insurance companies are looking forward for fast smartwatch penetration in tier 2 & tier 3 cities as well.
Which are the challenges that you face?
The Indian government has taken steps to overcome these challenges with schemes like PMEGP (the Prime Minister’s Employment Generation Programme) and Mudra Loan. However, due to a lack of awareness of these programs, very few businesses are able to take advantage of their benefits. . Starting a manufacturing firm for smartwatches is no easy task, and there are many challenges to consider from navigating regulations and obtaining capital to developing consumer demand, entrepreneurs must be prepared for the obstacles that lie ahead
With the new PLI scheme and the new budget what are the various measures that you feel the government should undertake to support manufacturing?
Production-Linked Incentive Scheme (PLI) for Large-Scale Electronics Manufacturing: The scheme was made public on April 1, 2020.The PLI Scheme extends an incentive of 6% to 4% to eligible companies on incremental sales (over the base year) of goods under target segments (mobile phones and specified electronic components) that are manufactured in India, for a period of five (5) years subsequent to the base year (FY 2019–20). The government’s efforts to promote domestic production through tax incentives and financial support will go a long way towards boosting the sector and making it more competitive globally. The allocation of funds towards research and development in the technology sector will also help spur innovation and drive growth in the consumer electronics industry. Additionally, the emphasis on digital infrastructure and the roll-out of 5G technology will provide new opportunities for companies like Brandworks Technologies to offer cutting-edge products and services to consumers.
Define your role in manufacturing in India and what all products do you want to focus on later apart from smartwatches?
The brand also focuses on “Made in India.” As a trusted manufacturing and supply chain partner, it conceptualizes, designs, validates, and delivers seamless tech products to our customers across India.
Brandworks Technologies is a fully homegrown Indian company. We believe in contributing to our nation’s economic growth. And we pursue this mission by supporting the vision of Atmanirbhar India through the “Make in India” project.
The products to focus on after smartwatches is the potential for Bluetooth and earbuds as viable markets for future manufacturers. Bluetooth earbuds are a great product to sell in India, specifically because they are affordable and offer features that appeal to a wide range of consumers. They’re great for consumers who don’t want to spend a lot of money on headphones but still want good sound quality. It’s also an ideal product for the Indian music industry, which is filled with singers and bands that need to promote their work by getting out there and performing live.
How do you see the opportunity for export, can you see if India will be the hub of the manufacturer?
India has the potential to become the export hub of the world. The Union Budget 2023–24 has focused on bolstering production and promoting exports in several new and emerging areas of opportunity, with an emphasis on technology-intensive areas.
Why RD is an important part at Manufacturer?
Research and development (R&D) is a crucial part of a company’s operations that seeks knowledge to develop, design, and enhance its products, services, technologies, or processes. We believe that R&D is critical for manufacturers because it helps them decide which products to launch and how to improve existing ones. Moreover, financing research and development connects various parts of a company’s strategy and business plan. We at Brandworks have a very good R&D section for boosting manufacturing and reducing costs.
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