Novamax Appliances to close FY24 at Rs 160 cr

Vijayawada: Novamax Appliances, a pioneering home appliance brand, which is expecting to close FY24 at Rs 160 crore, aims to double its numbers by the next financial year and introduce a new product line to captivate the market.

The brand had earlier launched an entire range of home appliances including iron, mixer grinder, TV, electric kettle and speakers. With an initial investment of Rs 5.25 crore the brand is experiencing remarkable success overtime. The brand reported an impressive 25 per cent increase in online sales this year.

Harshit Aggarwal, Founder & CEO of Novomax, said, "We are thrilled to embark on this ambitious journey of doubling our numbers and venturing into new product categories. Our commitment to manufacturing excellence and customer-centric innovation has been the driving force behind our success so far." With a targeted financial closure of Rs 160 crore for FY24, Novamax Appliance is not only aiming for financial milestones but is also set to diversify its product offerings. Aggarwal, revealed in a release that "in the next four months, we are excited to launch a state-of-the-art washing machine set-up.