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Wearables Production: Top wearables brands such as Boat and Gizmore are making most products locally in key categories audio and smartwatch through electronics contract manufacturers such as Dixon Technologies and Optiemus Electronics, the people added.
Little by little, India is chipping away at the Great Wall. Last week, research firms raised their 2024 forecast for wearable device shipments from India on account of the exponential increase in demand and fall in average selling prices. Part of the reason companies can maintain a low price is because they are ramping up local assembly of products, a move that is costing China. This and more in todays ETtech Top 5.
Happy Friday! Following up on $500 million in FY23 net sales, Boat is focussing on ramped-up software play and a robust offline presence to push up its revenue by 25% this year. More local procurement is also on the cards.
The company assembled around 15 million products in India, which includes 70% of its audio products and around 98% of its smartwatches. Boat has a host of contract manufacturers including Dixon Technologies with which it has a manufacturing joint-venture set to become operational later this year.
Boat: Co-founder Sameer Mehta said that the company has remained in the black since its first year of operations, without disclosing the profit figures.