In an interview with TimesTech, Prashant Bora, MD & CEO of OTEK (A Bora Multicorp Venture), shared insights on India’s evolving appliance and consumer electronics (ACE) market. Highlighting the role of smart technologies like AI and IoT, he discussed OTEK’s strategies to cater to shifting customer preferences while leveraging Make in India and PLI schemes to position India as a global ACE leader.
Read the full interview here:
TimesTech: What are the key trends shaping the Indian appliance and consumer electronics (ACE) market in 2024, and how do they reflect the industry’s rapid growth?
Prashant: As India’s per capita GDP rises, the requirements of Indian customers for appliance and consumer electronics (ACE) products are shifting. Premium affordable products that are capable of enhancing the quality of life are being prioritised by Indian customers, and coupled with the emergence of new technologies like Artificial Intelligence (AI) — this is engineering a paradigm shift. The industry is aligning with this comprehensive shift with smart and connected devices, offering smart TVs, household automation technologies, connected sound systems, kitchen appliances and wearable devices. The advent of cost-effective high-speed internet has been the critical enabler of this shift, and the rise of smartphones with their extensive USPs are impacting convenience and efficiency through features such as voice assistants and remote control.
Furthermore, the growing emphasis on technologically advanced products can also be attributed to the customers’ increasing preference for the collective health of family members. This is impacting the sales of products like air purifiers, water purifiers, fitness trackers and many more. The growth of e-commerce further fuels this comprehensive shift, as leading corporations are establishing a supply funnel through online marketplaces and quick commerce. The ACE market is poised for unprecedented growth in the coming years through exclusive deals that offer competitive pricing and delivery options pan-India.
TimesTech: How is India positioning itself as a global leader in the ACE sector, and what role do government policies and initiatives like Make in India play in this transformation?
Prashant: Driven by the goal of establishing India as a major manufacturing hub and reducing trade deficits, the government has adopted a proactive role in supplementing the transformation of the ACE industry. Several strategic initiatives like the PLI schemes and the Make in India initiative are proving their worth, comprehensively assisting the industry to modernize itself. For example, the Make in India initiative is attracting an inflow of foreign capital into the industry, opening up newer horizons to integrate innovation, R&D efforts as well as cutting-edge manufacturing units. The PLI schemes are incentivizing the growth of the industry, offering monetary assistance to industry constituents. Furthermore, other policies like the National Policy on Electronics, coupled with the renewed focus on skill developments are leading to the creation of a highly skilled workforce, the enhanced scope of manufacturing and added value creation.
TimesTech: What inspired the creation of OTEK, and how does the brand differentiate itself in the competitive ACE market both domestically and internationally?
Prashant: The vision behind OTEK is to make life simpler, smarter, healthier, and more connected by providing high-quality, affordable products. At OTEK, our priorities extend beyond sales and generating profits, to support our customers through after-sales services and upholding our environmental commitment to provide high-quality, affordable and innovative products without compromise. These foundational principles are the driving factors behind our estimated revenue of INR 150 Cr by FY 25-26.
Additionally, OTEK is a Bora Multicorp venture and is completely funded by our mother company. By leveraging Bora Multicorp’s immense experience in international trading, we are aiming to create a distinctive presence across new strategic geographies and markets. What sets us apart is our commitment to providing cutting-edge, technologically advanced products that are highly efficient and reliable, and our boardroom members — all of whom come with distinguished careers that have impacted millions of individuals across continents.
TimesTech: How is OTEK leveraging emerging technologies like AI, IoT, and advanced engineering to enhance its product offerings and cater to evolving customer preferences?
Prashant: Aligning with customer requirements and integrating innovations in the form of AI, IOT and advanced engineering constitutes the core part of our offerings. Through considerable market surveys, we have identified key pain points for Indian ACE customers, and have worked accordingly with a predetermined objective of addressing them. Emerging digital technologies like AI and IOT are being prioritized across our product lineup, an aspect that closely corresponds with shifting customer preferences domestically.
TimesTech: With the ACE market expected to double by 2025, what strategies is OTEK implementing to scale operations and boost its presence in domestic and global markets?
Prashant: We have factored in the unprecedented growth of the ACE market worldwide, not only in India, while establishing OTEK. We remain steadfast to boost our product lines to extend to over 100 products by the next year and scalability will be a core part of this. Through strategic interventions from our boardroom members and the extensive experience of our mother company, Bora Multicorp, we have already established a robust plan to supplement market demands and enhance our presence across new markets. We remain a bootstrapped company, with predetermined indicators to make strategic capital infusions in a bid to scale our operations to touch unprecedented highs.
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