NEW DELHI: Consumer electronics brand Endefo on Wednesday said it plans to invest Rs 200 crore in the Indian wearable market by the end of 2024, with an aim to secure 10 per cent market share in three years.
The Dubai-based brand, under the Ashtel Group of companies, said it is set to launch six verticals -- smart watches, sound bars, portable speakers, TWS (true wireless stereo), BoomBox and party speakers.
The products will be accessible through more than 2,000 large retail outlets, Amazon, and the company's own e-commerce platform, it said in a statement.
"The investment of Rs 200 crore in India will be directed towards expansion plans, sound technology, launching new verticals/products, marketing and more," said Aneef Tas, CEO of Endefo.
After capturing a significant market share in more than seven countries, Endefo is bringing its product line to India and plans to make substantial investments in other sectors that complement its core expertise in mobility and IT.
"We have already established a significant market presence in southern India and now, with this launch, we are excited to expand our reach to various states in north and west parts of the country," said Tas.
Established in 2003, Ashtel has successfully expanded its presence to 24 countries.
The company said its objective is to bridge the gap between cutting-edge technology and affordability for the Indian consumers.