Elista, a part of the TeknoDome, UAE. Elista’s portfolio consists of LED TVs, Washing Machines, Coolers, Dishwashers, Refrigerators, IT Accessories, Mobile Accessories & Speakers, has completed 3 years.Elista has been the recipient of various awards during this time which includes, amongst others – BAARC award – Marketing Meister (2022), Device Next – Atmanirbhar award (2020), C&C Awards- Most Innovating IT Accessories Award (2022).
Mobility Magazine has interacted with Mr Pawan Kumar,CEO of Elista (a TeknoDome Group Company), on the talks in detail regarding the journey of the brand all the 3 years, the milestones achieved and the various measures taken by the company to instill growth.
Take us through the journey of Elista. What are the milestones received?
Elista has made remarkable strides since its inception in 2020. Within just three years, Elista has disrupted the market with a wide range of consumer electronics, including Smart TVs, washing machines, refrigerators, dishwashers, home audio products, and more. Within its inaugural year of operation, the brand achieved a noteworthy milestone, surpassing Rs 35 crore in revenue. Building upon this success, Elista experienced exponential growth, with revenue skyrocketing to an impressive Rs 158.8 crore in FY22. Undeterred by challenges, Elista’s unwavering dedication led to a further milestone in FY23, where the brand achieved remarkable revenue of Rs 200 crore.
In March 2023, Elista established a state-of-the-art facility spanning 1.32 lakh sq ft in Andhra Pradesh. This marks the second consecutive plant by Elista in the state, reaffirming its dedication to the vision of Atmanirbhar Bharat (self-reliant India).
Elista has established a robust channel presence with a network of over 350 distributors in India. This extensive distribution network allows us to reach customers in diverse regions, ensuring the widespread availability of Elista products throughout the country. Additionally, we have implemented an efficient customer support system, offering dedicated helpline services. This multi-channel approach provides customers with the flexibility and convenience to seek assistance through their preferred communication channels.
What are the opportunities that you see in India market?
The Indian market presents a multitude of opportunities for Elista. We have identified several areas of opportunity to capitalize on consumer demand and fuel its growth with a product portfolio that includes smart TVs, refrigerators, speakers, dishwashers, and more. By focusing on these specific categories, Elista aims to cater to diverse consumer preferences and meet their evolving needs. With a strong manufacturing, R&D, distribution, and service network, Elista is well-positioned to expand its market presence, drive growth, and establish itself as a leading player in the Indian consumer electronics industry.
How have you been able to formulate the growth strategy?
At Elista, our growth strategy is built upon a comprehensive and meticulous process that enables us to effectively navigate the market and drive our success. We believe in identifying market gaps and addressing them with feature-packed products, supported by a robust service infrastructure. By understanding the diverse needs of our customers and delivering innovative, market-leading products at competitive prices, we have consistently exceeded customer expectations.
A key aspect of our growth strategy is the integration of both online and offline channels. We recognize the importance of digital platforms and leverage them to reach a wider customer base. Additionally, we understand that offline visibility plays a crucial role in the Indian market, where consumers prefer experiencing products in retail spaces before making purchase decisions. Hence, we strategically place our products in retail stores to enhance brand recognition and provide customers with the opportunity to interact with our offerings firsthand.
By combining a customer-centric approach, innovative product development, strategic marketing initiatives, and a strong offline presence, we have successfully formulated a growth strategy that positions Elista as a trusted and preferred brand in the consumer technology industry.
What is the scope of smart durables in India and where does India stand in the next 5 years?
The scope of smart durables in India is extensive and holds significant potential for growth. By 2025, the consumer electronics and appliances market is expected to reach USD 21.18 billion, up from USD 9.84 billion in 2021. Factors such as increasing disposable incomes, urbanization, and the adoption of smart technology contribute to this growth. Looking ahead, India is well-positioned to capitalize on this momentum and establish itself as a significant player in the global smart durables market over the next five years. With favorable market conditions, government initiatives, and technological advancements, India is poised to offer innovative and cost-effective solutions in the smart durables sector, both domestically and internationally.
Explain your strategy involved in making Elista a common household brand with most affordable dishwasher within 10k?
We identified a significant market gap for affordable dishwashers in India. Recognizing the demand for this product category, we aimed to bridge this gap by offering a feature-packed dishwasher at an affordable price point. To achieve this, we prioritized innovation in product development. We focused on creating a dishwasher that not only met the basic requirements of consumers but also incorporated advanced features that enhance functionality and convenience.
Additionally, our strategy involved establishing a robust service support system. We understood that after-sales service plays a crucial role in customer satisfaction and loyalty. Therefore, we ensured that our dishwasher came with comprehensive service support, including warranty coverage and prompt customer assistance. We also emphasized the benefits of owning a dishwasher, such as timesaving, convenience, and efficient cleaning, to showcase the value proposition of our offering.
Elista adheres to India’s ‘Atmanirbhar’ principle of manufacturing. With a vision to put India on the global innovation map. Explain in detail the idea behind the brand.
At Elista, our core vision is to position India as a prominent player in the global manufacturing ecosystem. With a vast pool of skilled workforce, India can harness its talents in producing cutting-edge, world-class consumer technology products that meet international standards. We are committed to showcasing the capabilities of Indian manufacturers and their ability to produce world-class consumer durables. By prioritizing manufacturing excellence, we aim to create opportunities for Indian businesses and elevate the country’s reputation as a reliable and high-quality manufacturing destination. Embracing these opportunities will not only drive economic growth but also solidify India’s position as a frontrunner in the global consumer electronics industry.
Take us through the plan of manufacturing of washing machines, TVs etc.
We are a big believer in the ‘Make in India for the World’ vision of the Government. We have recently announced two plants in Andhra Pradesh with a cumulative investment of Rs 350 crore. These plants will be operation in phases starting from March 2024. We will be manufacturing products like TVs, monitors, refrigerators, washing machines and other smart electronics at this plant.
Tell us about the future roadmap- expansion plans, your manufacturing set up, international plans and how you see the brand globally
Elista has laid out an ambitious future roadmap with a focus on expansion, manufacturing, international presence, and global brand recognition. By 2030, we have set significant milestones to achieve, including entering new product categories to broaden our portfolio and reach a wider customer base. In line with our expansion plans, we recently announced the establishment of a modern 1.32 lakh sq ft facility in Andhra Pradesh in March 2023. Additionally, we will be investing Rs 100 crore in setting up a second manufacturing plant in the state. This state-of-the-art plant will have a production capacity of 10 lakh Smartwatches and 2 lakh Speakers, contributing to job creation opportunities for around 500 individuals. With a year-on-year growth projection of 20%, we are focused on expanding our manufacturing capabilities to meet increasing demand.
Elista has made noteworthy strides in international markets. In just 30 months since our inception, we have successfully established a presence in 15+ countries. This demonstrates our commitment to the core idea of “Make in India for the World” and our dedication to contributing to the growth and recognition of Indian manufacturers globally. Looking ahead, our international plans involve further expanding our footprint and exploring new markets. We aim to continue strengthening our global brand presence while delivering high-quality products that meet the expectations of international consumers.
By 2025, we anticipate achieving a revenue of Rs 1,500 crore from both Indian and international operations, highlighting our commitment to sustained growth and success on both domestic and global fronts.
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