Recently, India has emerged as a startup hub. The startup culture in the nation has undergone a significant shift and experienced exponential growth in the last few years. A unique brand is emerging as more and more people transform their ideas into profitable homegrown businesses.
Fire-Boltt is one such indigenous brand that has swept the nation. Arnav Kishore, the co-founder and CEO of Fire-Boltt, and his sister Aayushi had the idea to start their own smart band business.
How “Fire-Boltt” Began
In 2015, Arnav & Aayushi, a brother-and-sister team, introduced Fire-Boltt. The siblings had a natural aptitude for understanding how a business is run because they came from a family of business owners.
Being raised in such a setting made it obvious that both would become successful business owners in the future.
Arnav was a sports enthusiast and, to top it all off, had represented the nation in lawn tennis internationally.
Arnav was a sportsman, so he knew exactly how to appeal to those with the same interests as him.
The founding of Fire-Boltt was made possible by entrepreneurial genes and good sportsmanship.
Without further ado, Arnav & Aayushi jumped into the market to conduct their research. They soon understood that the only thing the market lacked was a homegrown brand offering premium smartwatches in the midrange price range.
The youth of the country were interested in purchasing a smartwatch from international brands at the time, but many were unable to do so due to the extremely high price.
They decided to launch Fire-Boltt at this point.
In terms of online distribution, the brand enjoys a nearly 50% combined market share on eCommerce sites like Amazon, Flipkart, and Myntra. The company is also concentrating on its website, where it guarantees delivery in 48 hours.
After conducting extensive research, they concluded that there was a significant market for high-end, cutting-edge smartwatches, but that the cost posed a problem.
Kishore will begin selling Fire-Boltt smartwatches at a starting price of Rs2,999 by the end of 2020. The brand eventually had a market share of 0.3 percent, although it was only the beginning.
The company built its chipset, PCB, and Fire-Boltt operating system to power its smartwatches, ensuring high-quality standards and ongoing technological advancements.
The founders claim that Fire-Boltt is self-funded and has a solid financial foundation, but they are open to outside investment to support its continued expansion in the global market.
With their diligent efforts and clever strategies, the company rose to become the No. 1 smartwatch brand in India and the fourth-largest smartwatch brand worldwide in just two years.