Homegrown smart wearables brand Fire-Boltt that competes with brands such as Noise and Boult Audio on Monday announced that it has forayed into the Indonesian market. This comes amid the company's expansion in the Southeast Asia (SeA) region. According to Fire-Boltt, the SeA region is the key pillar of its global expansion strategy as it is one of the fastest-growing regions in the world. Fire-Boltt is a local manufacturer of smartwatches brand is incubated and backed by Savex Technologies in India, which is the country’s third-largest technology distributor.
The company has already entered Vietnam and Singapore markets. Fire-Boltt has joined hands with an Indonesia manufacturer to run operations in the country, the media has reported.
"The brand made this move within a few months of venturing into Singapore & Vietnam and investing $1 million in the SeA markets," the company said in a statement.
The homegrown company also mentioned that being the number two smartwatch brand globally, it is keeping up its promise of spreading quickly across the globe.
“We see SeA region being one of the high-potential markets for us and within the region, Indonesia will be our key focus. We can draw many parallels between the Indian and Indonesian markets in terms of demographic, customer preferences, etc," Arnav Kishore, Founder & CEO of Fire-Boltt was quoted as saying by news agency IANS.
Recently, Fire-Boltt's rival and another wearable device maker Boult Audio said that it expects 100 per cent growth in revenue to Rs 1,000 crore this fiscal on the back of expansion in sales channels and growth in the smartwatches category. A top company official was quoted as saying by news agency PTI that its overall audio category business grew by over 30 per cent but the smartwatch category is growing in triple digits.
"We are expecting 100 per cent growth. We are planning to get offline and go further, deeper into online marketplaces. We are scaling up our D2C platform which means retailing on our own website. Smartwatch is a category which is exploding and growing at a triple-digit number. That gives us an impetus and push to launch our brands in this category," Boult Audio Founder and CEO Varun Gupta was quoted as saying in the report.