India’s wearables market grew 118.2 per cent year-over-year in the April-June quarter of 2021, shipping 11.2 million units according to the recent data from the International Data Corporation (IDC)’s India Monthly Wearable Device Tracker. In a market dominated by the likes of Apple & Fitbit, strong shipments from home-grown brands in earwear and watches fuelled this growth.
‘Made in India’ brand Fire-Boltt identified the gap and was quick to leverage this trend and align the device portfolio. The Indian brand entered at fourth position in just three quarters of starting its business in the smart wearables category, cementing its place among the top five brands in the already crowded market in the wearable tech space.
Co-founded in 2019 by Arnav Kishore in partnership with Aayushi Kishore, Fire-Boltt currently has a presence in over 750+ cities across the country and emerging as a strong contender in the budget smartwatch brand segment.
Backed by a strong DNA of wearable technology, having launched an AI-based wearable fitness startup- Boltt Sports Technologies Ltd in 2015, Kishore’s entrepreneurial journey began shortly after he completed his education. Awarded and featured under CNBC-TV18's ‘Young Turks,’ co-founder Arnav Kishore aspires to take affordable, industry-first feature-packed smartwatches to the masses. The brand roped in cricketer Virat Kohli as its brand ambassador ahead of its global debut.
IndianTelevision’s Anupama Sajeet caught up with the young visionary entrepreneur for a freewheeling conversation on being one of the early movers in the highly competitive and crowded domestic market. Kishore also shared his vision for the young startup, post-teaming up with Kohli.
Edited excerpts:
On the challenges faced as a home-grown brand to penetrate into the wearables sector
While it is true that the Indian wearable market is cluttered with a plethora of offerings from several brands, the fact remains that there was a severe dearth of quality products at affordable price points till very recently. With decades-old DNA in the wearable space, we identified the lacunae and filled the same with premium offerings in the most economical range. Also, we ensured plenty of options to choose from, each conducive to the needs and liking of different individuals. This is how we grew as a home-grown brand and eventually as the main pilot of the booming Indian wearable market.
To ensure that we established a long-term rapport with our existing as well as prospective customers, we onboarded reputed names like actor Vicky Kaushal and cricketing icon, Virat Kohli. This made the buyers trust our brand, and most obviously, we made sure that they always got something new and special from each of our offerings.
On onboarding Virat Kohli as brand ambassador
Rather than an endorsement, we have collaborated with the iconic cricketer on a long-term basis. Virat Kohli will be participating in different marketing, ad, and endorsement campaigns as our brand ambassador. Just days ago he unveiled our complete line for the UAE market, where we forayed recently. With the cricketer being amongst India’s most valuable celebrity brands, an association with him has definitely been a boost for our brand value. Also, we have not put any deadline on the association as of date.
We have already taken the next big step by kick-starting our global expansion, post the onboarding of Kohli as our brand ambassador along with Vicky Kaushal. Within the next few weeks, we intend to further expand our presence across all Emirates, following which we will head towards other geographical regions.
On the brand’s marketing strategies
Fire-Boltt has grown as a formidable home-grown wearable brand owing to a strategic communication roadmap, which we have charted through our different marketing and communication partners. An omnichannel approach has made our products rank amongst the best-sellers on leading e-commerce platforms like Amazon, and has also enabled us to establish an offline presence across more than 750 cities across India.
On the media mix, Fire-Boltt is looking to target
We have always banked on an omnichannel approach, having a mix of different media such as print, television, or digital. In the past 18 months, the focus has definitely inclined towards digital, which is the buzzword in the new normal. Going forward too, we expect digital to rule the roost.
On plans to leverage influencer marketing mode of advertising
The impact of influencer marketing cannot be disputed. However, we take a little broader approach by collaborating with big celebrities rather than just endorsements of different products by different influencers or celebrities. We feel a lack of coherence in the same, hence we took an informed decision to take a rather traditional approach of getting brand ambassadors on board for the long term.
On the difference in the brand’s consumer base, pre & post covid
The pandemic has had a phenomenal impact on the wearables space, not only in India but across the world. The realisation of keeping a constant tab on health metrics along with physical activities has been the major catalyst for the growth of the wearable market. Even IDC mentions that the watch form factor has been appealing to the consumers over the past few quarters. This is the reason why the Indian wearable market registered a whopping 118.2 per cent YoY growth in the June 2021 quarter. As per the latest Counterpoint Research report, India’s smartwatch market registered a 293 per cent YoY in Q3 2021.
On the brand’s current consumer demographic
As per the latest Counterpoint Research report, Fire-Boltt has been adjudged as the fastest growing smartwatch player in Q3 2021, clocking QoQ growth of a whopping 394 per cent. This signifies that our reach is beyond the digital divide, age group, or geographical constraints. We started with an offline presence in nearly 350 cities, and within a year, we have expanded to over 750 cities. It goes without saying that the expansion was not confined to just metro cities but also to different tier 2 and tier 3 cities. Regarding catering to any definite age group, we understand that health metrics are intrinsic to everyone who wishes to lead a healthy and active life, thus we have crafted multiple timepieces sufficing the needs of people from different age brackets and demography.
