Mivi to start manufacturing its products in India
Mivi also plans to go offline in the next two to four years.
With an aim to see a 300% jump in its sales, homegrown electronics brand Mivi on Monday said it will start manufacturing its products in the country in the next two-four years.
"By 2019, we aim to go offline and in the next 2-4 years, we plan to start manufacturing in India. Last year, we clocked more than 300 per cent revenue through the online model and now we are projecting a 300 per cent jump in sales for next year," Viswanadh Kandula, Chief Executive Officer and Co-Founder of Mivi, told IANS.
Hyderabad-based Mivi offers products like headphones, bluetooth earphones, power banks, cables, chargers, custom and designer cases and tempered glass, etc.
According to Kandula, Mivi did a business worth ₹8 crore in 2017.
"Currently, we are at a revenue of ₹2.5 to 3 crore per month and aiming to clock over ₹30 crore by the end of the financial year 2018," he said.
Nearly 70% of Mivi's sale comes through e-commerce platforms like Amazon, Flipkart and Paytm.
The company started the e-commerce business on its own website in August 2017 and it has been growing consistently month on month.
Established in 2015 by husband-wife duo, Viswanadh Kandula and Midhula Devabhaktuni, the company aimed to fulfil the need of high-quality electronic gadgets at affordable prices in the Indian market.
"After an eight-year stint in the US, we returned to India in 2015 to start our own venture, Seminole Tech, under the Mivi brand," Devabhaktuni, Mivi's Chief Marketing Officer and Co-Founder, told IANS.
She said that Mivi was created with a vision to redefine the electronics market and be the 'Go-to' brand for our consumers through quality and technology differentiation at a value-plus price.
"Last year, we rolled-out a range of products in the audio category like Mivi Saxo bluetooth headsets and Mivi Thunder Beats wireless Bluetooth earphones," she added.
Devabhaktuni said that Mivi's most popular product of 2017 was its "ThunderBeats Bluetooth Earphone" and this year, the company is planning to diversify the portfolio in the audio category, which will include bluetooth speakers, soundbars, DJ speakers and even foray into wearables in the next two years.
"By the end of 2018, 50% of our portfolio will be an audio-based category. Presently, our entire business is online and e-commerce exclusive. We sell through our own site mivi.in as well as e-commerce sites like Amazon, Flipkart and PayTM," she added.
Asked about marketing plans and budget for each platform in 2018, the duo said that they are planning to assign 25% of their revenue for online marketing and promotional spends, 40% for premium ads promotion on third party e-commerce platforms and 5% on offline marketing.
"Our digital marketing efforts will primarily focus on social media like Facebook, Instagram, Twitter and will also be running several campaigns on Google Ads and YouTube," Kandula said.