California-based television firm Vu Technologies is eyeing revenues of Rs 350-400 crore during this festive season, a top company official said.
“It is going to be a great festive season because people look forward to buying new technology. We are looking at least Rs 350 to Rs 400 crore of topline sales across all retail formats during the festive season.
“Last year, the value sales was about Rs 150 crore during the festive season,” Vu Technologies Founder and Chief Executive Officer Devita Saraf said.
The company is targeting Rs 1,000 crore revenue this fiscal as it expands product offerings based on customer feedback and increased distribution.
It had reported revenue of close to Rs 500 crore in the previous fiscal.
The company is looking at doubling its exclusive brand outlets and multi-brand outlets to 50 and 3,000, respectively, by the end of this financial year.
Vu Technologies has a tie-up with e-commerce major Flipkart and online sales contribute around Rs 300 crore to the revenues at present.
“We have been associated with Flipkart for three years now. We have invested in a very good back-end with them when it comes to product innovation, logistics and delivery and after-sales service. Flipkart has been a great partner for us, for the kind of business they have done,” she said.
The company has a market share of 8-9 per cent in the total TV industry, which was estimated to be 11.4 million units last year. It is aiming to capture 10 per cent market share this fiscal.
The company fully imports products from China. It is also firming up plans to enter Europe, Saraf added.