M-tech Mobile Launches Mobile Accessories; Aims Rs 100-Cr By 2020
M-tech mobile, a homegrown manufacturer of mobile phones has launched its mobile accessories brand – Nexez, through which it is looking to capture a significant part of this burgeoning market and be the preferred brand in the affordable mobile accessories segment. The company plans to leverage its existing network of 600 plus distribution center, 20,000 retailers and 700+ service centers to ramp up sales and effectively serve its customers.
Designed in Japan, Nexez will introduce products across 10 categories in the current financial year and to begin with, will roll out products spanning 5 categories including Headphone, Earphone, Bluetooth Speaker, Power Bank and USB cable and Charger. The company is eyeing revenues of Rs 100 Crore in the next 2 years.
As per a Research Nester report, the Indian mobile phone accessories market is anticipated to clock a CAGR of 10.5% till 2024. The market is expected to reach USD 3.54 Billion by the end of 2024 up from USD 1.42 Billion in 2016.A young population coupled with affordable smartphones and rising disposable incomes are driving this growth.
Commenting on the development, Goutam Kumar Jain, Co-Founder, M-tech Informatics Ltd, said, ‘ After establishing our reputation in the affordable mobile phone market, we felt the time is ideal to foray into the exploding mobile accessories market. Nexez with its elegant, Japanese design, product quality and affordable pricing has all the right ingredients to appeal to customers.
Additionally, with our years of expertise in product design, manufacturing , marketing and distribution strength, we are well positioned to transform Nexez into a leading mobile accessories brand.’
The company has its manufacturing plant in Baddi, HP and a strong presence in Nepal.