The electrical devices manufacturer expects 40% growth y-o-y over next two years at the back of rapid expansion plans
Mumbai, 26th Feb 2020: One of India’s largest electrical device manufacturers, Vinay Electrical Solutions is eyeing a 500 crore revenue by the end of 2022. The company is slated to cross 260 crore in revenue by March 2020 with a 40% jump from the previous year. This tremendous growth has been on the back of rapid penetration in India including Tier 3 and Tier 4 markets, launching of new products in Wiring Devices, LED Lighting, Security Systems & Accessories as well as new categories like Home Automation. The company is looking to add to its strong network of 10000+ trade partners and electricians and its 8 strategic depots to meet the demands of 26 states across the country. The company has also been able to tap the North – East market successfully and enter new states.
Set up in 1968, under the leadership of Mr. Vinay Chheda, the Mumbai-headquartered company manufactures modular switches, Home Automation systems, LED lights, entertainment devices, doorbells, wires, cables and other electrical devices for residential buildings as well as commercial establishments. The company has a state of the art 2 lakh sq.ft. manufacturing facility at Daman. In terms of the product portfolio, the company has launched tech-enabled home automation product range and systems that can be operated through a mobile phone from anywhere using their app called “VIBE”.
Dhiren Chheda, Director, Vinay Electrical Solutions said, “We see ourselves as partners to the Digital India vision of the Govt. of India and we believe home automation to play a major role in achieving that vision.
We are expecting our home automation systems to do really well in urban and even tier 2 India. The vibe app brings light and electricity to every consumer’s finger tips and we are hopeful that we will be able to service our customers and our communities really well! Every product at the company stems from the need to empower human lives while safeguarding and enhancing their spaces. We aim to automate a million homes in the near future”.
Kunal Nandu, Director, Vinay Electrical Solutions says, “Three years ago, we envisioned our 2022. That vision spurred our efforts to make changes across branding, marketing and product strategies. We also focused on penetrating challenging geographies like the North east. We have been successful in executing our growth strategy across India and have placed our faith in our partners and stakeholders to take the brand to the masses. Being in the electrical solutions industry for over 5 decades truly helps us to understand the challenges in the market and its changing demands while being rooted to our core values of Passion, Innovation and Excellence. An Indian conglomerate is set to break the prestigious 500 Cr club of the electrical industry.”
