Wings Lifestyle

Tech firm Wings eyes 2-fold growth for wireless earbuds biz in FY24

Consumer lifestyle tech brand Wings is expecting a two-fold growth in business from the wireless earbuds category in FY24, while for the recently launched smartwatches, it hopes to corner 1-2 per cent market share by fiscal end, a top executive said. Wings Co-founder Vijay Venkateswaran said that for speaker and soundbars categories, it is confident of surpassing market growth rates, and anticipates 150 per cent growth in unit sales in FY24. In FY23, nearly 95 per cent of the company's revenue came from earbuds and this year it will likely account for 65-70 per cent share, given that new revenue lines have been added including smartwatches. "Smartwatches last year for us was at zero (level), this year it will be hopefully about 15-20 per cent (of overall revenue). The speakers and soundbars had a 5 per cent contribution last fiscal, and this year that share will grow to 10-15 per cent in value terms," Venkateswaran told PTI. For the current fiscal, the business momentum in the earb