Micromax on Monday announced its debut in the Fridge and washing machine segments from India.The Gurugram-based company is set to launch as many as eight fridge versions and 16 washing machine models in addition to 10 versions of air conditioners and also eight models of air jets. The first range of semi-automatic Micromax washing machines and direct-cool refrigerators are expected to arrive from the country sometime later this month.
With an aim to reach Rs. 2,000 crores earnings by 2020, Micromax is targeting to its consumer electronics segment to have 30 percent share of its general earnings by March 2019. Specifically for the fridge and washing machine category, the company is aiming for three percent of market share from the first year, five percent in the second year, and seven percent in the next year.
“Two decades ago, we declared our vision to be a top consumer electronics manufacturer by diversifying the product portfolio and moving into non-mobility segment too. In the past two years, we have been consistently working towards democratising technology and bringing best of products at an affordable price point. With our new class and growth of our present products, we’re working towards becoming a top consumer electronics and are very confident that 2018 will be a milestone year for all of us in this segment,” stated Rajesh Agarwal, co-founder, Micromax Informatics, at a media statement.
Micromax has established dedicated service centers and a special customer service program in the new product segments. What’s more, the company is planning to establish a powerful distribution channel “spread throughout the length and breadth” of the country.
In the previous two to three decades, Micromax has spent around Rs. 300 crores and can be set to invest around additional Rs. 200 crores in the next couple of years.