Netgear, the Nasdaq-listed networking equipment manufacturer, has announced plans to expand its presence in India as a key part of its global growth strategy. The announcement was made during a media briefing in Bengaluru by Netgear’s Chief Executive Officer, Charles Prober.
“We see strong growth momentum in the Indian market. India is the fastest-growing economy in the world and one of the high-growth nations within Netgear as well,” Prober stated. He emphasized the company’s commitment to the Indian market, mentioning plans to enhance their research center and continue investments in engineering, sales, and customer support in the coming years.
Netgear is also exploring the possibility of establishing local manufacturing facilities in India, although specific plans were not disclosed. India currently contributes about 10% to the company’s total revenues, which stand at approximately $740 million. To support its growth in the region, Netgear recently inaugurated two new office floors, covering 20,000 square feet, dedicated to research and development in Bengaluru. “This exemplifies our unwavering commitment to this burgeoning market, marking a significant step forward for Netgear in bolstering its presence and investments in India,” the company said in a statement.
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Marthesh Nagendra, Netgear’s Sales Director for India, MENA, and SAARC regions, highlighted the company’s expansion plans. “Netgear is currently present in 20 cities and will expand to 30 more by the year-end,” he said. “I am bullish on the potential of the Indian market and shall see exponential growth for the next 15 years.”
The company’s recent financial performance also reflects its strategic focus. Netgear reported first-quarter revenue of $164.6 million, surpassing the mid-point of its own guidance. Looking ahead to the second quarter, the company plans to intensify efforts to help channel partners reduce inventory levels to historic lows. Additionally, Netgear anticipates revenue of about $15 million as it prepares to launch next-gen mobile hotspots in the second half of this year.
Netgear’s expansion in India aligns with the broader trend of technology companies investing in the country, leveraging its rapid economic growth and increasing demand for advanced technology solutions. As Netgear continues to enhance its presence, it aims to capitalize on the robust market opportunities and further solidify its position as a leading player in the global networking equipment industry. US FDA concludes audit of Indoco’s