Daewoo India, a leading player in the country’s electronics and home appliances market, has set an ambitious target of achieving ₹500-crore revenue by FY27. The company, which currently operates in the TV, refrigerator, washing machine, and air conditioner segments, plans to expand its product portfolio and strengthen its distribution network to achieve this goal.
“We are confident of achieving ₹500-crore revenue by FY27, driven by our focus on quality, innovation, and customer satisfaction,” said Shashank Srivastava, CEO, Daewoo India. Daewoo India’s growth strategy involves entering new categories, including kitchen appliances and smart home solutions.
The company also aims to increase its retail presence to 10,000 outlets across India and focus on e-commerce platforms, targeting 20% of sales from online channels. Industry analysts expect India’s electronics and home appliances market to grow at 10% CAGR between 2023-2027, driven by increasing demand for smart and energy-efficient products.
“Daewoo India’s growth plans are well-timed, considering the industry’s upbeat outlook,” said Avik Dutta, analyst at Market Research Firm. However, Daewoo India faces stiff competition from established players like Samsung, LG, and Whirlpool. Despite this, the company’s focus on quality and innovation is expected to help it differentiate itself.
“The Indian market is highly competitive, but we’re confident our products will resonate with consumers,” said Srivastava. The company has a manufacturing facility in Greater Noida and employs over 1,000 people. The company reported ₹250-crore revenue in FY23 and aims to reach ₹375-crore by FY25.
With its sights set on ₹500-crore revenue, Daewoo India is poised to become a significant player in India’s electronics and home appliances market. It’s journey began in 2000 as a subsidiary of Daewoo Electronics. Since then, the company has established itself as a reliable brand in the Indian market. As the company moves forward with its expansion plans, it remains committed to delivering quality products and exceptional customer service.
