Korean Consumer Electronics Brand Daewoo Aims For Rs 500 Cr Revenue In India By FY27

Daewoo India, a globally acclaimed Korean brand, has now extended its legacy to the vibrant Indian market. The company is re-entering the Indian market, focusing on consumer electronics and energy solutions, with a target of Rs 500 crore in revenue by FY27. With a presence in more than 110 countries worldwide, DAEWOO is dedicated to enhancing consumer experiences with its range of consumer durable products: 1) Smart TVs: Smart Android LED TV Range, webOS Hub. 2) Ultimate Interactive Flat Panel (IFP). 3) Daewoo lite Touch Interactive Display and 4) Residential and Commercial Alkaline Water Machines.

Daewoo India believes in making quality accessible to all. Its range of products, spanning home energy, entertainment, and kitchen appliances, personal care, and electric bikes is designed to enrich one' daily life. The company offers high-quality products that cater to one’s evolving needs, all at prices that won’t break the bank. With its commitment to innovation and affordability, Daewoo aims to transform ordinary moments into extraordinary experiences. In its new exciting journey the company promises to bring convenience, quality, and joy into every Indian home.

Speaking to Bizz Buzz, HS Bhatia, Managing Director of Daewoo India, delves at length on wide ranging issues like the Korean company’s India re-entry plan, strategies, investment plans, tie-up plans, to mention a few and how the company is planning to be a global leader in the vibrant market by constantly exposing ourselves to newer innovative possibilities and how they are planning to deliver world-class vibrant market solutions that cater to the need-of-the-hour of the modern consumer

Why did Daewoo decide to re-enter India? What potential do you see in the Indian market in terms of market size and growth?

Daewoo decided to re-enter India due to the country's rapid economic growth and increasing consumer demand, positioning it as one of the fastest-growing consumer markets globally. India presents a significant opportunity for Daewoo to re-establish its brand and tap into a burgeoning market. The potential in India is substantial, with a growing middle class and increasing disposable income driving demand for advanced and affordable consumer products.

What is your India strategy this time around?

Our strategy in India focuses on offering a diverse portfolio of products across consumer durables, renewable energy, and electric vehicles. We have partnered with Kelwon Electronics, leveraging their market knowledge and distribution network to ensure our products reach consumers effectively. By combining advanced Korean technology with affordability, we aim to re-establish Daewoo as a leading brand in India, providing innovative and reliable products that meet the evolving needs of Indian consumers.

In which categories are you offering products, and why have you selected these categories?

We are offering products in categories such as consumer durables, renewable energy, and electric vehicles. This selection allows us to address various aspects of modern living and sustainability. Our portfolio includes Smart TVs, Alkaline Water Health Machines, Lithium Hybrid Inverters, and Interactive Flat Panels. These categories were chosen to cater to the diverse needs of Indian consumers, leveraging advanced Korean technology to provide high-quality, innovative solutions.

What are your investment plans in India? Are you planning to seek any funding options?

We are investing approximately Rs 300 crore ($40 million) over the next three years to expand our presence in India. This investment will be directed towards marketing, R&D, product development, and building a robust sales and service infrastructure. We are currently focusing on leveraging our partnership with Kelwon and do not have immediate plans to seek additional funding options.

The competition in the consumer durables space has intensified. How do you plan to compete and gain market share?

To compete effectively and gain market share, Daewoo will differentiate itself by offering unique value propositions, including advanced Korean technology and competitive pricing. Our products, such as home automation systems, Interactive Flat Panels, and alkaline water purifiers, are designed to meet the diverse preferences and lifestyles of Indian consumers. Our focus on quality, innovation, and affordability will help us stand out in a competitive market.

Are you planning to start your own local manufacturing?

Yes, we are planning to establish local manufacturing facilities in India as market demand grows. Initially, our products will be sourced locally through OEM partnerships, supported by R&D and technical assistance from Daewoo. As we expand, dedicated manufacturing facilities will help us better cater to Indian consumers' needs and contribute to the local economy.

How will you reintroduce the brand to Indian consumers? Will you be tying up with large retail chains?

We will reintroduce the Daewoo brand through targeted marketing campaigns, strategic partnerships with large retail chains, and the launch of exclusive stores and experience centers. Collaborating with established retail partners and leveraging their networks will ensure wide availability and accessibility of Daewoo products across India.

Are you looking for any other tie-ups?

Currently, our primary focus is on our partnership with Kelwon Electronics & Appliances Pvt Ltd. This strategic collaboration allows us to leverage their extensive distribution network and market expertise to introduce our products across various sectors. We are open to exploring additional tie-ups in the future to further enhance our market presence.