Fire-Boltt had been established with an ambition to provide the masses with remarkable range of best-in-class wearables and hearables that are not only affordable but are also equipped with innovative industry first features.
During an exclusive interaction with Mobility Magazine, Mr. Arnav Kishore, Founder & CEO, Fire-Boltt, discusses the success story, the strategies adopted to create a robust brand image and reveals the peep into the future.
As Per IDC reports Fire-Boltt is one of the leading brands in smart wear. What do you think are factors for growth?
It has been a tremendous journey for our brand Fire-Boltt. In less than 2 years, we became India’s number 1 smartwatch brand. Moreover, we have been enlisted as 4th largest brand globally after industry giants Apple, Samsung, and Huawei (As per Counterpoint Q2 2022 report). It is not only a proud moment for us as a brand but also a proud moment for the country. This has happened for the first time in history that a homegrown brand in the category of smartwatches has made its mark in the global market.
Fire-Boltt was born keeping in mind the fact that Indians needed a comprehensive exercise solution that could meet their regular workout needs. The time called for a device that could track users’ regular physical activities and provide the best way to help them reach their fitness objectives. Fire-Boltt synthesized this and provided a wide range of smartwatches that could give customers detailed information about their regular fitness activities and chart it in an elegant way.
We have smartwatches at different price points and offer a wide variety of designs and features. Besides this, we have introduced some industry-first features in smartwatches which gave us an edge over others. For instance, we were the first in the country to introduce Bluetooth-calling smartwatches. Similarly, we were the first one to introduce AMOLED display smartwatches in the budget segment. Currently, we have 70+ smartwatch models in our portfolio. In addition to this, our unique marketing campaigns, and a perfect price-to-specs ratio have all been key drivers in the development of our business.
Discuss your unique brand positioning?
Fire-Boltt as a brand has been in constant pursuit to deliver an impeccable consumer experience that doesn’t compromise on features, design, and pricing. Since it was born, Fire-Boltt has been at the forefront of creating a full ecosystem around health and fitness enthusiasts along with hardware products. Innovation and invention have been at the very center of each and every initiative we undertake at Fire-Boltt, which is always enriched by our approach of always thinking outside the box. We are always striving to bring unique products like a range of smartwatches specifically for outdoor enthusiasts.
In addition to hardware, we are putting more emphasis on the software side and the entire health & wellness ecosystem because, in the long term, people will want to be a part of the ecosystem for reasons other than just a particular hardware brand.
Players are grabbing the market thereby making the competition worse. Explain the strategies incorporated to retain & solidify its position in the market.
Since its start, Fire-Boltt has been at the forefront of technological innovation and advancement, which has aided in the creation of items that have become essential to many Indians. Product quality is always a brand’s hero. We really think that if you have a great product experience, you will also have an exceptional brand experience. Our hardware and software have received the same amount of attention. Our software ecosystem and operating system are unique. With the help of the Boltt Play app, we have also created a rewards programme that will help us expand our community.
This approach is further improved by an all-encompassing after-sales experience that clients receive even after the goods have been delivered. Around 70 smartwatches have been released in the last 12 months, and we introduced our first smartwatch in the Outdoor Series as well as the luxury segment, which has also contributed to our incredible success. This was accelerated by creating a robust sales network so that customers could readily “access” our items in various regions of the nation. To guarantee that customers can purchase the products anywhere in the nation, we have formed partnerships with reputable alliances, including online e-commerce platforms, merchants, and distributors.
How much revenue are you expecting from the audio and smartwatch segment, compared with your current financial standing?
The smartwatch has assimilated into daily life. At least 100 crore people in India currently own smartphones. We are aiming for a market where most people wear smartwatches. We currently own almost 28% (as per a report by counterpoint research) of the market share in the smartwatch market, and our long-term goal is to reach 50%. To foster greater brand loyalty, we are aggressively concentrating on our marketing activities. We clocked around 500 crores last year (fiscal year). Till September 2022, we have clocked around INR 1200 crores and expect to close to reach approximately INR 2400 crores.
What is your future for expanding your business? And share your expected revenue for 2022.
We are aiming to grow exponentially in the coming years, having achieved 400% growth YoY in Q3 of 2022, as per the report by counterpoint research. This has instilled a sense of confidence that has given wind to our sails, and we are determined to become a household name not just in India but also globally. We have recently entered the UAE and Southeast Asian markets and all our plans, and approaches are developed to expand exponentially within these markets as well as tap newer avenues in parts of Europe and the United States.
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