New Delhi: Smart accessories startup, Gizmore has partnered with Optiemus Electronics Limited (OEL) to manufacture around 1 million smartwatches in the next 12 months, the company announced in a press release on Monday.
Founded in 2018, Gizmore sells smart accessories, fitness gear, and home audio brands. The brand plans to sell over 1.5 million smartwatches in FY 2023-24 when compared to 4 lakh smartwatches in FY 2022-23.
“We sold over 40,000 smartwatches in October last year, i.e. during the festive season. In comparison, we are targeting sales of over 50,000 units every month from January onwards,” said Sanjay Kalirona, CEO and co-founder of the company.
In terms of revenue, Gizmore is eyeing a 4 times growth from Rs 50 crore in the current fiscal year to Rs 200 crore in FY 2023-24. The brand aims to capture a 5 per cent market share.
Under this partnership, OEL will manufacture close to 75 per cent of the total volume of Gizmore in the country.
“The production-linked incentive (PLI) scheme from the Government of India is beginning to transform the manufacturing ecosystem in the country. Our partnership with Gizmore is another step towards empowering India to play a critical role in global electronics manufacturing,” commented A. Gururaj, MD, Optiemus Electronics.