 "Charles Prober, CEO, Netgear")
Netgear is looking to expand its presence in India as part of its global expansion strategy, the Nasdaq-listed firm said on Thursday.
“We see strong growth momentum in the Indian market. India is the fastest-growing economy in the world and one of the high-growth nations within Netgear as well,” Netgear’s Chief Executive Officer Charles Prober said at a media briefing in Bengaluru. “We are adding more space to our research centre and shall continue to invest more in engineering, sales and customer support in the coming years,” he added.
The company is exploring possibilities to establish local manufacturing facilities in the country, Netgear said in a statement. However, it declined to share any specific plans. India contributes about 10 per cent to the company's total revenues of about $740 million.
The company recently inaugurated two new office floors spanning 20,000 square feet for research and development in Bengaluru. “This exemplifies our unwavering commitment to this burgeoning market, marking a significant step forward for Netgear in bolstering its presence and investments in India,” the company said in a statement.
Netgear is currently present in 20 cities and will expand to 30 more by the year end, said Marthesh Nagendra, sales director for India, MENA and SAARC region, Netgear. “I am bullish on the potential of the Indian market and shall see exponential growth for the next 15 years."
Netgear’s first quarter revenue stood at $164.6 million above the mid-point of its own guidance. In terms of its outlook for the second quarter, the management said, it would accelerate efforts for channel partners to reduce inventory levels to historic lows. Its revenue is expected to be about $15 million as it prepares to launch next-gen mobile hotspots in the second half of this year.
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