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Hero Electronix’s consumer technology brand Qubo on Friday said it will triple its growth this financial year to around 15 per cent as compared to 5 per cent last year, to the overall company’s revenue.
A Hero Group venture, Hero Electronix makes a revenue of more than $100 million every year, and Qubo contributes around five per cent in its overall revenue right now, senior officials at the company told BusinessLine.
“We have been tripling in revenue every year for the Qubo brand...last year and this year too we expect to the same...five per cent to 15 per cent. We are getting aggressive with a lot more products this year...there are more this year and we have a lot of focus around offline stores because our products need to be experienced. It’s not something you pick up off the shelf,” Nikhil Rajpal, Chief Executive Officer, Hero Electronix, told BusinessLine on the sidelines of new products launch.
The company entered into automotive products category with the launch of smart dash cam priced at ₹4,290. The product will be available across all channels including online portals like Amazon and Qubo’s own online marketplace and also across offline channels through a wide network of dealer outlets.
Dash cam
Rajpal said the dash cam market in India is still very nascent (next to nil) as compared to $4-billion market worldwide, and the company aims to become a number one player in the Indian market.
In the two years since its launch, Qubo has already established itself as a leader in the smart home space with its wide range of products including connected devices like smart cameras, video doorbells, smart locks, and other smart home accessories.
These products leverage proprietary hardware, software, and artificial intelligence (AI) models built by Qubo. The company has its own research and development team with around 150 engineers working on future products.
“With the addition of auto tech products to our existing product portfolio, we are a step closer to our aspiration of reaching a million homes. We are present in 800 stores actively, but we will open 100 ‘shop-in-shops’ with full experience zones in the next few months, with all our product portfolio present there,” Ujjwal Munjal, Vice-Chairman, Hero Electronix, said.
Soon the company will also launch smart trackers and smart accessories such as tyre pressure inflators in the auto tech category, Munjal said, adding that all Qubo products are designed and built in India, and its servers are hosted in India with a focus on data safety and cyber security.
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