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Consumer electronics brand Qubo, part of Hero Electronix, on Thursday said it will raise ₹200 crore over the next one year to expand its products range and also new markets including outside India.
The company has already raised ₹200 crore over the last few years to launch automotive products such as dashcams, tyre inflators, and also smart door locks and smart security cameras for homes.
“So far we have done (invested) around ₹200 crore plus and we expect in the next year or two, another ₹200 crore to be invested in this space. We are looking at raising those money from institutional investors for Qubo’s next phase of growth and I think it was very important for us to prove to the world that an Indian consumer smart tech brand can be built out of here,” Ujjwal Munjal, Vice-Chairman, Hero Electronix, told businessline on the sidelines of new products’ launch here.
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He said the company has now crossed that hurdle to say that there are good-quality products being built that can actually compete with the best and established brands.
That is why its products are being accepted well, leading to 2X growth last year and this year also, the company is expected to double the revenue to ₹260-270 crore, Munjal said.
“Now is the time for us to accelerate further growth. the money (new investment) being spent is for brand building, growth, new products, new international markets. We started in Dubai but in Covid, everything got shut, so we are now looking for new markets,” Nikhil Rajpal, Chief Executive Officer, Hero Electronix, said.
Going forward, he said the automotive products range that contributes 35-40 per cent to its revenue right now, may go up to 50 per cent in the next five years. The rest comes from the home products right now.
The company launched two new products – GPS trackers for both four-wheelers and two-wheelers starting at ₹1,799 – and dashcam (for cars) starting at ₹3,490.
The GPS trackers can track the location of a vehicle from anywhere and be alerted instantly in case of an unexpected activity. Also, they have an advanced AI-based accident detection feature that sends alerts and phone calls to family members or emergency contacts in case of a mishap.
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