“We primarily aim product improvement as a catalyst for high penetration rate as a company that is continually working on innovation and expansion. Currently, the brand’s market share in the telecom accessories industry is 1-2 percent, we target to increase to 4-5 percent in the next two years.”
April 2022: In this conversation with Niranjan Mudholkar, Editorial Director, Pro MFG Media, Vishal Hundia, CEO, EVM India, shares his company’s business vision, strategy for the post Covid world and growth plans.
Give us a brief overview of EVM’s journey so far.
EVM, incorporated in 2008, is one of India’s leading privately held companies with a strong presence in Consumer Durables, IT and Mobile Accessories. Envisioned 13 years ago, the company was started with an objective to improve the lives of people by giving them easy access to the latest technology and smart value products. EVM is a ‘Made in India’ consumer electronic brand which focuses on consumer’s needs and provides value for money products. The EVM brand has a strong distribution channel across the country and has more than 500+ service centres.
How’s your business evolving in the new post Covid Era?
The year 2020 had been a dreadful year and will be inked in the history of the Indian manufacturing industry since the most impacted sector during the pandemic was the manufacturing sector. The industry had observed a steep decline in production due to the global pandemic-driven shutdown. Mostly, all the businesses across sectors bore the brunt of the crisis but manufacturing was hit severely. Some segments went through the darkest phase which ultimately had a ripple effect throughout causing turmoil in the value chain. However, the year 2021 embarked on a new progressive journey for the manufacturing sector since it witnessed an uptick in the growth graph amid improved demand and eased Covid restrictions. Further, it has gained more confidence since November 2021 and observed a strong increase in production and sales in the past few months. At EVM, we achieved revenues of Rs.100 crore in H1FY22, with diversified contributions from USB Drives, SSDs, Telecom Segment, etc.
Tell us something about the growth plans for EVM.
Sometime back, we announced a new Rs. 5 crore fresh investment to enhance quality and to introduce new products. We aim to close FY21 with Rs. 200 crore in revenue. Further down the line, we would wish to enter into the smart wearable segment including fitness bands and smart watches. We have added more than 100 new products in FY2021 and we aim to achieve more premium quality products which are exclusively designed for Indian consumers with new investments in research and development.
Tell us about EVM’s manufacturing facility with regards to its location, size, capacity, product portfolio and so on.
EVM is built with the vision to meet new horizons and combat challenges with competence and dynamism. In keeping with this vision, we leveraged the latest innovations in technology to build a futuristic manufacturing setup that lives up to the current market trends and meets the rising needs of our customers. Our manufacturing unit is based out of Vasai near Mumbai. It is a well-equipped facility with excellent quality control throughout every stage of production, which enables us to guarantee total customer satisfaction. Spread over 60,000+ square feet of factory area, our manufacturing facility is dynamically made with pilot plants having more than nine assembly/manufacturing lines. We employ over 200 employees/workers and manufacture as well as distribute a variety of IT and telecom equipment. Our production capacity for various products is 50k (power banks), 500k (cables), 50k (neckbands) and 5k (Bluetooth speakers).
Tell us about the new products in the pipeline.
We aim to increase our market presence in the IT & telecom segment with the launch of new advanced products in various categories including SSDs, Gaming Modules, Server Modules, Bluetooth Speakers, TWS audio products, GAN Chargers, Cables & Chargers.
How much investments have you made for the same so far in manufacturing?
We have invested a total of US$ 2 million in order to build a robust manufacturing infrastructure with a well-trained talent pool and cutting-edge technology to create distinctive goods that add value to the lives of consumers.
Tell us about your R&D and design capabilities.
In order to cater to the rising customer demands and shrinking timelines, we are continuously striving to enhance the efficiency of our resources. With the belief that innovation, quality, and productivity are the key drivers of success, we remain dedicated to the sustainable growth of the company. We have a robust dedicated 4-5 person R&D Team. Presently we are now developing wearable watches. We are witnessing smart wearables as the future of watches, and we are investing heavily in research and development to create devices that will do things that a smart watch cannot do today, such as switching off the AC before arriving home, CCTV monitoring, locking and unlocking doors, making payments, operating TV, and much more, to improve the consumer’s lifestyle.
Currently, what is your market share and what is your target for the next two years?
We operate in a highly competitive business, as well as a market where consumers are both demanding and price conscious. Because the market is fragmented among various players, consumers are increasingly focusing on the one thing that matters: high quality at a reasonable price. We primarily aim product improvement as a catalyst for high penetration rate as a company that is continually working on innovation and expansion. Currently, the brand’s market share in the telecom accessories industry is 1-2 percent, we target to increase to 4-5 percent in the next two years.