Syska eyes sales of Rs 200 crore from IoT-based home products

Homegrown Syska group on Tuesday said it will foray into IoT driven products, in collaboration with Chinese firm Tuya Smart, and is eyeing a revenue of Rs 200 crore next year.

The company plans to launch a range of products including smart door bells, smart switches, smart IR and smart air purifiers among others in December, in a phased manner, the company said.

It will be investing Rs 25 crore in research and development and marketing activities for the same.

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“We are looking at capturing two million homes in the next one year and we will target a revenue of close to Rs 200 crore by next calendar year,” Syska Group executive director Gurumukh Uttamchandani told PTI here.

He added that the smart home product industry in the country is estimated to be $850 million growing at 30 per cent. The company will be looking at the top 10 cities initially for the launch of the products.

“We will definitely look at whatever products we are currently manufacturing and turn them into smart. That was the thought process starting with LED bulbs and LED lights,” he added.

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Syska has tied-up with Amazon Echo and Alexa and Google Assistant for voice control of all the smart home products.

Uttamchandani added that company will also be introducing bluetooth mesh technology that will allow users to connect more than 100 devices at one time using smart phone.

The company added that once it gets it sales up there, it will look at backward integration and manufacture the products here.