Fire-Boltt has set the smartwatch market on fire with its hyper-affordable, feature-loaded products. But how sustainable is the 'import-from-China playbook'?
Arnav Kishore, CEO & Founder, Fire-Boltt
In 2015, Arnav Kishore thought himself to be a smart Alec. He rolled out Fire-Boltt with his sister Aayushi, prepared an exhaustive blueprint to make the business tick, and made a brilliant move by tying up with top Chinese manufacturers to sell smart bands at a mouth-watering rate of Rs1,999. There was an established and successful playbook created by the likes of Micromax and other desi hustlers—‘import from China, and then brand and sell in India—which Kishore was trying to ape. So the strategy was presumed to be a sure shot blockbuster.
The young entrepreneur also had another huge edge. Fire-Boltt was incubated and backed by Savex Technologies, India's third-largest IT and telecom products distributor based out of Mumbai. What this meant was that Kishore could easily piggy ride on Savex’s massive retail network. In short, it meant instant success. He looked like the ‘right man, at the right time, and with a right product’.
The band, though, didn’t have much elasticity over the next five years. The reason was simple. India was in the midst of a heady smartphone revolution, Chinese brands like Xiaomi were breathing fire and there were not many takers for smart wrist bands from Fire-Boltt. As the market dynamics remained heavily loaded in favour of phones and bands from the Chinese biggies, the ‘Gully Boy’ didn’t stand a chance.
Kishore, though, didn’t give up. “I knew our time will come,” says the founder and chief executive officer of Fire-Boltt. Though the business stayed muted for years and Kishore didn’t have any reason to stay optimistic, the chartbuster from Gully Boy in 2019—‘Apna time aayega’ in 2019—kept the fire in his belly alive. Interestingly, a year later, India was in the midst of a pandemic-induced lockdown and Kishore thought it was the right time to take a leap of faith. He launched smartwatches in October 2020—the starting range was Rs2,999—and ended the year with a minuscule market share of 0.3 percent. Kishore continued to keep a close watch on market trends.
In 2021, he fine-tuned his strategy. He rolled out the Ninja series of smartwatches at a tempting tag of Rs1,699, roped in a battery of celebs—Bollywood actor Vicky Kaushal in June, cricketer Virat Kohli in October, and his teammate Shubhman Gill followed suit—to endorse the brand. He loaded his smartwatches with industry-first features such as Bluetooth calling, heart rate monitor, and better and bigger screen display. The move also coincided with the trend of bands losing popularity. From 0.37 million bands shipped in the second quarter of 2021, the numbers dipped to 0.13 million during the same quarter this year. Meanwhile, Fire-Boltt saw a massive jump in its fortunes as market share leapfrogged from 0.3 percent in 2020 to a staggering 11.6 percent in 2021.