Industry News

Onida Targets to be a US$ 1 Billion Company by 2020

India: Mirc Electronics, which owns Onida, is planning to increase its retailers and dealers to 9500 by 2019, with the main focus areas being North and East. Onida is mainly targeting youth by offering smarter products, in addition to focusing on expansion into non-metro markets. The company intends to establish itself as the most preferred brand among the country’s huge young consumer base.

Mirc Electronics witnessed business revenues of INR1,070 crore in 2014 - 2015. Presently, the company’s 30% sales are accounted for by metros markets, which include Delhi, Kolkata, Bengaluru and Mumbai. E-commerce market is also allowing the company to boost its sales. According to TechSci Research, the company should focus on non-metro areas by launching different versions of kitchen Appliances, consumer appliances and smart appliances with upgraded features.

To target rural markets, there is a need to provide financial assistance to that market. The company can target rural areas by launching products with easy consumer finance and EMI options.