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Foxin is an IT and electronics hardware brand which offers wearable technology, mobile accessories, multi entertainment division and computer peripherals. Rajendra Seksaria, CEO, Foxin shares his insights about his work.
How much revenue have you generated so far?
Rajendra Seksaria - Foxin had a 100% growth in sales post covid and 45% growth in terms of distribution. Since there was a 100% growth rate, Foxin had to hire close to a 100 people across verticals to keep up with the demand.
How is the design and technology landscape of smartwatches and headphones evolving?
Rajendra Seksaria - The Indian wearable’s market is growing at a rate of about 144.3% yearly. It is one of the fastest-growing vertical in the electronic space right now. With smart watches there have been significant upgrades in the hardware specs, with heart rate monitors, step counters and other health monitoring aids being in demand with people being more health conscious now.
Headphones have also seen a big surge in sales, with work from home being the new normal everyone needs a pair. We have seen the wireless Bluetooth headphone be it in-ear or ear-buds grow as a category withing this space. Both these products see a cycle change every 6 months with new innovations coming in.
How do you compete against the MNC competitors in this segment?
Rajendra Seksaria - We initially started our journey with Balaji Solutions in the year 2001. A distribution house that caters to IT Peripherals and Mobile Accessories. Having experienced the market for 20 strong years, our in house brand Foxin was established in 2006.
As a brand, we’ve worked intensively towards building a sizeable network in terms of logistics and supply chain across the country. We’ve gathered an extremely thorough understanding and functioning of the industry, hence our exchanges or after sale services cannot be matched by new players in the segment. Foxin focuses entirely on the concept of quality, appeal and reliability. Foxin provides affordable and pocket-friendly products which can be used by mass. Since we understand our Indian consumer sentiments Foxin craters to larger segment of the audience. Foxin has its own segment to target rather than targeting a niche audience.
What are your challenges in this work and how do you resolve these challenges?
Rajendra Seksaria - Consumer electronics as a segment is a rapidly evolving market, a hot commodity today will be redundant tomorrow. We as a manufacturer always need to be innovative and foresee trends in the market and adapt to the changes. Manufacturing hardware has always been a challenge in our country, with lack of skilled work force or machinery. Majority of the products in the space are imported from other countries and having a quality check on them is a challenge. To reduce this risk we are starting operations at our own plant and will be manufacturing most products in house in the near future.