Electronic Accessories startup in Vijayawada
Probably most of us are not aware of an electronic accessories startup in Vijayawada. But, the journey started with a couple from Vijayawada in 2015. Previously while pursuing higher studies at Florida State University Viswanadh Kandula and Midhula Devabhaktuni met each other. After completion of their courses at Florida State University immediate they step-in to a corporate world for different organizations. Viswanadh started working in an exported company which exports electronic products from US to India, while Midhula started to work as a software engineer in xerox and later on shifted to Raymond James.
Journey of the company
During his journey in the organization he noticed the gap i.e the international brands which are sold out in India are very much expensive and a common man can’t afford that price. So, with this opportunity, he came up with an idea to manufacture the product which is at an affordable price to the Indians. By his knowledge and experience for 8 years in foreign, he decided to start a company. In 2015, they returned to India and started planning for the company. They both came out with a company name as “Seminole Electronics Private Limited” and launched a brand ‘Mivi’ which is extracted from both the names to redefine the electronics market and to be the “go-to” brand for the consumers through quality and technology differentiation.
The initial investment of the company was 3.5 crore and the good thing about the company is it earned profit from Q1. From past three years the profits are invested in the company for building the company
3. Custom and designer cases
4. Tempered glass
5. Power banks
6. Car accessories
7. Audio products (earphones and headphones)
The target audience of the company ranges from 17-40 age group from college students to working professionals who are tech-savvy, musical lovers, fitness freaks, online shopping and always looking for electronics and gadgets. Even the products are designed for Indian consumers. For example the customers who have purchased the product from online store gave positive feedback who satisfied with the product and few of them gave negative feedback as their was a minor fault with the cable. The support team took the feedback and replaced the product by changing the connector.
Although the Indian environment causes peculiar problems with the existing european and china products in the market. The CMO Midula says, the chargers deteriorate as they cannot cope with voltage fluctuations. The reason behind it is the chargers are made up of European environment. “Chinese products are cheap, but they are not certified, which leads to phone damage or product breakage. Very limited international brands are available in India and most of them are expensive,” she says. But when it comes to Mivi products you won’t face such issues with the product as they are quality and manufactured based upon Indian environment conditions and the products are certified.
Same like other manufactures even Mivi product gives one year warranty on the product. “We try to make it as easy as possible for them to contact us by being available through Facebook messenger, WhatsApp, email and phone,” Midhula says.
Even the product is new they don’t spend much amount in marketing because the product speaks a lot about the quality assurance and the life time. The team is around 40 people across engineering, marketing, R&D, operations, customer service and accounting.
Vision of the company:
Currently the products are manufactured in South Korea and China; the designing is done in Hyderabad. By next year they want to become partnership with others so as to enlarge the business. The balance sheet shows the good figure of the company as it earned 8 crore in first year.
Currently the revenue is 2.5 to 3 crore per month and trying to clock over 30 crore by the end of 2018. Most of the sales are happening through e-commerce sites such as Amazon and Flipkart. So, based upon the consumer interest we are expanding our product categories.
The report which is generated by Global Market insights, the earphones and headphones market size will exceed to $25 billion by 2024.