A vertically integrated electronics platform for domestic and foreign brands, QThree’s offerings span retail, distribution, e-commerce, manufacturing and more for the consumer electronics industry. The company provides a full spectrum of marketing, logistics & services support to global electronics brands. Established in 2014 with an investment of Rs. 5 lakhs, saw success within the very first year and has since grown by over 100% y-o-y. The company aims to close FY’2021-2022 with a revenue of Rs. 4000 crores in the distribution, retailing and contract manufacturing business. DeviceNext caught up with Jubin Peter, Founder & Chairman, QThree Ventures, to know his Pre Budget Expectations.
The COVID-19 virus did shake up most businesses and industries in 2020. The lockdown and physical distancing aspects came down very hard on companies whose business was largely based on personal interactions and offline stores. And similarly, what people were consuming and how they were also changed drastically.
We witnessed a tremendous increase in digital consumption. Being at home, with nothing else to do during the lockdown, the requirement for more number devices and larger screens became necessary – screens for work and entertainment purposes. The demand for smart LED TVs skyrocketed during this time, as people with basic TVs wanted to switch to smart ones, and people with smart TVs wanted to switch to bigger screens. The number of TVs in most households also went up to a minimum of two devices. Also, consumers are also now looking for more convenience in everything that they do, as they do not want to step out of their comfort zones. As organisations, we have to shift our business strategy to serve this new consumer.
A vertically integrated electronics platform for domestic and foreign brands, QThree’s offerings span retail, distribution, e-commerce, manufacturing and more for the consumer electronics industry.
Our honorable Prime Minister unveiled a very ambitious goal of ‘Make in India, Make for the World’ to encourage our economy to become self-reliant. With the right support from the government, we can soon be on the path to becoming the manufacturing hub for the world.
The lockdown due to the COVID-19 scare had a significant impact on the GDP however, over the last few months, macroeconomic indicators are showing signs of recovery. I urge the government to:
- Incentivize setting up of manufacturing facilities in the country through subsidies, tax holidays
- Rationalisation of taxes on TVs, refrigerators, air conditioners. While once considered a luxury, today these products are now essential in most households. Reducing the tax slab will boost demand and thereby enable more sales, helping the economy bounce back faster.
- R&D and Design are vital for continuous progress and maintaining a competitive edge for every industry, especially for consumer electronics products, where innovation should be encouraged at a rapid pace. The government should incentivize the setting up of R&D and design facilities. Similarly, incentivising research and development of next-gen technologies such as machine learning, robotics, etc. will help leverage India’s cost-effective science and engineering talent to build our strategic capabilities in core scientific and industrial research, and also act as a multiplier for the broader economy.