Almost three decades ago, Sunil Vachani borrowed $35,000 so he could start making 14-inch television sets in a rented shed outside New Delhi. It was an unconventional choice given India, though renowned for software and services, had long lagged behind in manufacturing.
Today, Vachani’s startup has grown into a sprawling electronics empire. His Dixon Technologies boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year. It’s an early indicator of the country’s opportunities and challenges in building a sophisticated manufacturing sector, a top priority for Prime Minister Narendra Modi.
While Vachani, 52, struggled in his early days, his company’s shares have surged 824% since a 2017 initial public offering. Sales and profits have boomed with domestic demand for smartphones, along with India’s ambitious plans to develop its own local industry.
Sunil Vachanis startup has grown into a sprawling electronics empire. His Dixon Technologies boasts a market value of more than $2.5 billion and the capacity to produce about 50 million smartphones this year.