Jain said the transaction will allow Play to run dual brands and have separate portfolios with different brand positioning
Micromax co-founder Vikas Jain’s tech brand Play is looking at entering the growing consumer electronics market in the country and aims to hit the Rs 100-crore revenue milestone by 2022-23.
In a conversation with PTI, Play Chairman and MD Vikas Jain said the company plans to launch products across six-seven categories, including wearable and fitness, over the next many months as it also scales up its retail presence in the country.
Jain added that the company will have at least six-seven different categories of products by FY23.
Adding that the brand already offers products in the categories of audio, wearables and charging accessories, Jain said, “There will be categories which will largely have single products, these will be very high-end products. We are looking at different categories like personal monitoring, consumer home electronics and fitness.”
Play recently acquired RiverSong India as part of its efforts to strengthen its distribution network and expand its product portfolio.
RiverSong Technology, a subsidiary of phone developer IMG Technology Group, is a global brand with several key smart products and a presence in over 60 countries, including India, South Africa, and Turkey.
Jain said the transaction will allow Play to run dual brands and have separate portfolios with different brand positioning.
“RiverSong, per se, will have a portfolio which will be 70 per cent global but 30 per cent (local), there will be products which are suited more to the Indian market,” he added.
The two companies will jointly gain an on-ground presence extending to all parts of India and aim to reach one lakh retail outlets in India, including tier-II and -III cities and towns.
“We are still building the portfolio, and the portfolio will get much more stabilised in terms of the product, proposition over the next 12 months, and that’s where we will start getting very aggressive on the sales,” he added.
The company is already clocking monthly sales of over 1.5 crores, he added.
Asked about Play’s price positioning, Jain said “being affordable and cheapest are two different things”.
He emphasised that the company’s intent is to “upgrade the consumer to a better product”.