Poised as global platform for consumer tech: Nothing co-founder on India

Nothing, which recently inaugurated its first flagship store in Bengaluru, says it is on a hyper-growth trajectory in India

India is strongly positioned as the next global platform for consumer technology, driven by expanding manufacturing base, stronger supply chain capabilities, and a shift toward aspirational, global-style preferences is reshaping demand in this "strategic market", Akis Evangelidis, Co-founder and India President of smartphone maker Nothing has said.

The London-based consumer technology unicorn - which recently inaugurated its first flagship store in the country, in Bengaluru - says it is on a hyper-growth trajectory in India.

"...it has been an intense journey, but very rewarding and quite exciting. India is a strategic market, and a lot has been happening on the global front out of India in our industry, and we definitely see India being at the forefront of it for the foreseeable future," Evangelidis told PTI in a recent interview.

 

It is pertinent to mention that India is the world's second-largest smartphone market, with rising local manufacturing under government incentives and expanding supply chains. Global brands increasingly produce devices in India as demand shifts toward premium, aspirational smartphones.

Evangelidis said the work that India has done over the last 10 years, in building itself as a manufacturing hub and in now shifting its focus towards supply chain and electronic components, strengthens his belief "that this is going to be the next global platform when it comes to consumer tech".

Evangelidis declined to give revenue breakout for India but said that the company has logged over 50 per cent growth over last two years.

"...This is where the next opportunity is," he said.

He noted that the consumers in India are now moving beyond what was purely price-led purchases. They are increasingly seeking aspirational brands that enable self-expression and offer differentiated design and user experience.

Many customers from entry and mid-range segments are upgrading to more premium devices that offer distinctive features, and deliver better build quality.

"I think for the longest period of time, India has been treated as a value market. I think that has drastically changed over the past few years," he said.

Premiumisation is gaining momentum, and India's global significance is rising exponentially.

Citing the economic momentum, rising global integration and evolving consumer tastes, particularly among young people, he said these factors reflect a market increasingly aligned with global trends and aspirations.

"I feel like it's opening up and that kind of energy, the economic boom along the way...like premiumisation kicking in, people are looking to buy into more aspirational brands as well... brands that will empower self-expression, have something to differentiate, some great products, and not solely buying for value for money," he said outlining the changing tastes and preferences in the Indian market.

The socio-economic factors have worked strongly in favour of Nothing's offerings, he asserted.

"People are expecting great user experience, something a bit different, premium build, premium products. And I feel that kind of dynamic makes our products and market fit optimal in a way," he said.