 "investment deals")
Domestic electronics manufacturing services company Videomax International will sell home audio, smart accessories and consumer electronic products through its own brand Skyball.
The company plans to invest Rs 100 crore in Skyball over a period of three years with a target to achieve a Rs 500 crore turnover within the same period.
It has announced the launch of Skyball, a new-age Home Audio, smart accessories, and Consumer Electronics brand.
Skyball will begin with home audio, TWS earbuds, and a foray into smartwatches by June. It will add other consumer electronic devices under its umbrella later, Skyball and VMI Group Chairman and Managing Director Sandeep Gupta said.
"VMI has committed to invest Rs 100 crore in the next three years in Skyball's growth, with the aim of achieving a turnover of Rs 500 crore in the same period. Skyball is targeting a turnover of Rs 100 crore this year," Gupta said.
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VMI has been manufacturing LED TV, speakers, neckband, and power bank for several brands and expects to clock a Rs 150 crore turnover during the current fiscal.
"Through Skyball, we will sell directly to address the gap that exists in the market," Gupta said.
The company has manufacturing plants located in Greater Noida and Roorkee with a combined factory area of 1,20,000 square feet.
"Our focus is on providing the best technology to our consumers and making a positive impact on their lives. We look forward to an exciting launch for Skyball," he said.
Skyball will start selling online and enter into the retail segment after two quarters through a network of 500 distributors.
The company will focus on building its offline presence and reinforce its distribution and dealer network in Tier-II and Tier-III markets.
Skyball claims to have roped in over 500 service centres across more than 450 cities.
The brand also has plans to extend its reach to international markets and is preparing to launch its operations in the Nepal and UAE markets by April next year, Skyball and VMI CEO Vinay Kapoor said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
