Firebolt watches

It is also planning to enter audio and home entertainment categories in coming months. The company sold 2.5 million smartwatch units in 2021 and over 900,000 units just in the last quarter of 2021 to become the number one smartwatch player in India with 24% market share, as per IDC. He said that the company has recently entered into a partnership with a “very large group” to begin local manufacturing of its smartwatches in the next 30-60 days. The company has been importing its products from its ODM partners in China. “We are looking to localise 60-70% of our product line. We are again looking at a mix of local manufacturing and some top products still coming from China,” Arnav said. The company claims to have developed its own chipset, PCB and the Fire-boltt OS that power its smartwatches to ensure quality. “We have our own engineers sitting in India and China. We have hardware and software capabilities in house,” Ayushi said. Fire-Boltt has so far invested $20 million in R&D, marketing and working capital. Ayushi said that the company is self-funded with a healthy bottom-line, but it is open to fundraise in near future to support the growth. “We are open to certain strategic partnerships which can bring strategic value. In 6-12 months, we might raise some external capital as the brand continues to grow and scale up..so we may consider the option,” she said. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. Most Searched Stocks 570.3...