Company plans foray into mobile phone accessories, components and consumer electronics
M-tech Mobile, a manufacturer of affordable mobile phones, has announced its ambitious plan to more than triple its top line and transform into a Rs 1000 cr company by 2020. In order to achieve the aggressive target, the company plans to foray into mobile phone accessories , components and consumer electronics manufacturing. In mobile phone accessories, M-tech Mobile plans to launch chargers and earphones and housing factory [mobile phone plastic body] and PCBA assembling in components. The company is scouting for locations to set up its manufacturing units, in addition to its existing unit at Baddi, Himachal Pradesh which has an installed capacity of 8 lakh units per month which can be doubled as per demand. These initiatives are geared towards capitalizing the Make In India scheme of the government. Additionally, to cater to increased demand, the company plans to launch a host of feature and 4G smartphone models which will help to ramp up revenues. With a well-entrenched network of 600 + distributors, 20,000 retailers and 700 + service centres, M-tech is well positioned to leverage its country wide presence to transform into an end to end consumer brand with its new endeavors . The company has sold 3 million handsets in the last fiscal and expects to close the current fiscal with sales volumes of 5- 6 million handsets and revenues of Rs 340 crs, a testimony to the company’s performance. Commenting on the announcement, Mr. Goutam Kumar Jain, Co-Founder , M-tech Informatics Ltd, said, ‘ As a brand we have always believed in the enormous middle class that resides in TIER II and TIER III towns who have the required means and harbor aspirations. We have solely focused on this demographics over the years by offering quality products at affordable prices and great after sales service. This has helped M-tech to attain a leadership position in the affordable phone segment. Now, as we expand our product offering to; accessories, components and consumer electronics while strengthening our smartphone product pipeline ; we want to extend this approach to domestic as well as international markets, which we are actively exploring. Also, we are quite inspired by the government’s vision to create more Made in India brands with their focus on component level manufacturing to create the right ecosystem for domestic manufacturing. Therefore, our component manufacturing endeavor is aimed at becoming a vertically integrated Made in India brand.