Riversong, a subsidiary of the mobile phone developer IMG Technology Group, aims to clock annual revenue of Rs 100 crore in the Indian market by 2020 as it expands its product portfolio in the country.
The company, which currently offers mobile accessories, power banks and IoT products like smart bulbs in the Indian market, is adding smartwatches to its bouquet of products to cash in on the multi-million dollar opportunity in the country.
"India is a key market for us and while we have been here for a short time, we have seen strong growth. This year, we are looking at Rs 50 crore in revenue and we are confident of doubling that to Rs 100 crore by the end of 2020," Riversong India Chief Executive Officer Manvendra Chandola told PTI.
He said the company is confident that its strategy of building online as well as offline presence will help it capture a strong position in the Indian market.
Chandola said Riversong's products are present on Amazon and Flipkart, and will soon be expanded to Snapdeal and Paytm as well.
In offline retail, the company is looking at expanding its presence pan-India by June-end from 14 states currently, he added.
The company is launching its first smart watch, Motive, priced at Rs 3,999. Featuring a 1.33-inch screen, the device supports multiple sports modes like walking, bicycling, roping, skipping and basketball among others.
Chandola said the company expects smart wearables to contribute 25 per cent to its revenues in the near future.
According to research firm IDC, the smart wearables segment in India saw shipment of 1.02 lakh units in July-September 2018 quarter, marking a year-on-year growth of 17 per cent.
Xiaomi led the segment with 41.2 per cent share, followed by GOQii (18.6 per cent), Titan (14 per cent), Samsung (4.5 per cent) and Fossil (3 per cent).
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)