Indian brand, Gizmore today announced its partnership with Optiemus Electronics, manufactureres of tech related products. Under this agreement, Optiemus Electronics will manufacture around 1 million Gizmore smartwatches in the next 12 months.
Gizmore has ambitious roadmap and plans to sell over 1.5 million smartwatches in 2023-24 and capture a 5% market share in India. For FY2022-23, Gizmore expects to sell around 4 lakh smartwatches. Gizmore has set a target to grow its smartwatch business by four times from INR 50 crore in the current fiscal year to over INR 200 crore in 2023-24. Under the partnership, Optiemus Electronics will be manufacturing close to 75% of the total volume of Gizmore in the country in the coming years.
Gizmore smartwatches are exclusively available on Flipkart along with several pan-India retail stores and on gizmore.in.
According to Mr Sanjay Kalirona, CEO and Co-Founder of Gizmore, “Consumers have shown immense faith in Gizmore. As a result of consumer trust, we have achieved encouraging growth numbers. We have introduced several new models in quick succession and created a strong base in the smartwatch segment. 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. We plan to continue to delight our customers by introducing several new product features. The overwhelming customer support and our consistent efforts will help ensure that we can capture a 5% market share in the Indian smartwatch industry by the end of next fiscal.”
