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Contract smart TV manufacturer Veira Electronics on Tuesday said it has received Rs 130 crore in funding from Bharat Value Fund (BVF), which marks the closure of its pre-IPO placement round. The fresh funding will help in the expansion of Veira Group, which operates two facilities in Noida, Uttar Pradesh, with a production capacity of up to 3 million TVs annually. "The investment marks successful closure of its Pre-IPO placement round," it said. Bharat Value Fund CIO Madhu Lunawat said Veira's financial performance has been impressive with sales growing at a 55 per cent CAGR between FY22-24, reaching Rs 865 crore in FY24. "India's smart TV manufacturing industry, valued at USD 11.53 billion in 2023, is projected to reach USD 32.57 billion by 2030, growing at a CAGR of 17 per cent," she said. "Our investment in Veira is a step in contributing to the growth of India's growing and evolving TV market, with key players that have the potential to reshape TV manufacturing." Its TV portf
Prices of smart TVs are likely to increase in the first half of the ongoing calendar year as prices of panels have gone up in the international market, according to a report on Thursday. The brands are likely to pass on the increase in rates, resulting in a hike in smart TV prices, according to the latest research from Counterpoint's IoT Service. However, the report also expects "smart TV shipments to increase by 9 per cent" this year, as the demand for premium models will increase and consumers will likely upgrade to a larger screen. "The push towards online purchases is set to increase as consumers' confidence in online platforms is increasing, which will encourage them to buy premium models from these platforms. The increasing preference for premium TVs will drive the overall market's average selling price (ASP) further," it said. In 2023, India's smart TV shipments declined 16 per cent, impacted by a hit in the first half due to macroeconomic challenges and excess inventory, ..