EVM, incorporated in 2008, is one of India’s leading privately held companies with a strong presence in Consumer Durables, IT and Mobile Accessories. Envisioned 13 years ago, the company was started with a vision to improve the lives of people by giving them easy access to the latest technology and smart value products. EVM is a ‘Made In India’ consumer electronic brand which focuses on consumer’s needs and provides value for money products. EVM brand already exists in the Indian market (B2B) and has a strong distribution channel across the country. The company has more than 500+ service centers. In a conversation with Mr. Hundia, we tend to understand the company’s business expansion plan, strategy for the post covid world along with the product offerings.
Business in new post Covid Era
The year 2020 had been a dreadful year and will be inked in the history of the Indian manufacturing Industry since the most impacted sector during the pandemic was the manufacturing sector. The industry had observed a steep decline in production due to the global pandemic-driven shutdown. Mostly, all the businesses across sectors bore the brunt of the crisis but having said that different segments with the manufacturing class were hit severely. Some segments went through the darkest phase which ultimately had a ripple effect throughout causing turmoil in the value chain part. However, 2021 embarked on a new progressive journey for the manufacturing sector since it witnessed an uptick in the growth graph amid improved demand and eased covid restrictions. Further, it has gained more confidence in November and observed a strong increase in production and sales in the past few months. We achieved the revenue of INR 100 Cr in H1FY22, with diversified contributions from USB Drives, SSDs, Telecom Segment, etc.
Expansion/business plans for EVM
We have just announced a new 5cr fresh investment to enhance quality and introduce new products. We aim to close FY21 with 200cr in revenue. Further down the line, we would wish to enter into the smart wearable segment including fitness bands & smartwatches. We have added more than 100 new products in the current fiscal year &, with new investment in research and development, we aim to achieve more premium quality products which are exclusively designed for Indian consumers.
New products in the pipeline
We aim to increase our market presence in the IT & telecom segment with the launch of new advanced products in various categories including SSDs, Gaming Modules, Server Modules, Bluetooth Speakers, TWS audio products, GAN Chargers, Cables & Chargers.
Government support to build India as a manufacturing hub
The manufacturing industry is expected to operate full-fledged in the coming quarters since it has set a target of $ 400 billion in merchandise exports in 2021-2022, which is something achievable when government and industry synergize and work in tandem. To boost the manufacturing sector and make India the manufacturing hub, the Government has relaxed the excise duties on factory gate tax, capital goods, consumer durables, and vehicles.