Daewoo India Targets ₹500 Crore Revenue by FY27.

Daewoo India, the local subsidiary of the South Korean conglomerate, is aiming to achieve ₹500 crore in revenue by FY27, driven by the launch of two to three new products each quarter, according to HS Bhatia, Managing Director of Daewoo India. Re-entering the Indian market in October 2023, the company is positioning itself in the consumer electronics sector, capitalizing on the ‘Beyond China’ strategy to expand its presence.

Bhatia highlighted the advantage Korean brands hold in the growing Indian market. “As Chinese companies face challenges with investment and expansion in India, we believe Korean brands, which are seen as more trustworthy, are well-positioned to benefit,” he said.

In addition to the FY27 target, Daewoo India is also setting its sights on a ₹1,000 crore topline by FY29. The company is heavily focused on brand building during the first two years of its re-entry, having already invested ₹300 crore in infrastructure and workforce development.

Currently, Daewoo India employs over 100 people, and Bhatia noted that the team is set to grow as the company expands. Despite its aggressive growth plans, the company will not focus on manufacturing in India for the first two years. “We’re prioritizing plant building, infrastructure creation, and inventory management. If we move toward local manufacturing, it will require separate investments,” Bhatia added.

The company also outlined its supply chain strategy, including plans to enter the online market. “Around 9-10% of appliance sales in India happen online, and we’re in talks with two major e-commerce platforms to get listed,” a company representative said. Daewoo also plans to launch its own website and eventually open exclusive brand outlets (EBOs).

Currently, Daewoo India offers products across several categories, including power, electronics, kitchen appliances, and mid-size home appliances, with a distribution network spanning over 2,000 distributors and dealers across 11 states.

HBL