Consumer lifestyle tech brand Wings is expecting a two-fold growth in business from the wireless earbuds category in FY24, while for the recently launched smartwatches, it hopes to corner 1-2 per cent market share by fiscal end, a top executive said.
Wings Co-founder Vijay Venkateswaran said that for speaker and soundbars categories, it is confident of surpassing market growth rates, and anticipates 150 per cent growth in unit sales in FY24.
In FY23, nearly 95 per cent of the company’s revenue came from earbuds and this year it will likely account for 65-70 per cent share, given that new revenue lines have been added including smartwatches.
“Smartwatches last year for us was at zero (level), this year it will be hopefully about 15-20 per cent (of overall revenue). The speakers and soundbars had a 5 per cent contribution last fiscal, and this year that share will grow to 10-15 per cent in value terms,” Venkateswaran told PTI.
For the current fiscal, the business momentum in the earbuds category and the new product lines will drive 80-90 per cent revenue growth, according to Venkateswaran.
“For FY24, in the earbuds category, we should clock almost 2X growth,” Venkateswaran said.
Wings had logged Rs 85 crore in overall revenue in FY23.
The company has also entered the laptop space with the launch of the Nuvobook series.
“We aim to disrupt the big five global brands in this Rs 10,000 crore market,” he said.
The company believes this is a whitespace “ripe for disruption” by an Indian brand.
Apart from price, it is looking to differentiate the offerings based on features, specifications, and use cases.
It is targeting college students and young working professionals in the age bracket of 18-25 years, with its products.
“Laptop is something which is a part of a college-going person’s life and routine. But there is no lifestyle brand that speaks to them in this category, so our laptop offering is positioned as a lifestyle accessory and with a competitive price point which we feel will disrupt the space,” he said.
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