Initially relying on OEM/ODM, Elista is now setting up a manufacturing plant in Andhra Pradesh to produce smart TVs and monitors by April 2025
New Delhi: Noida-based consumer electronics brand Elista, a fast-growing Indian consumer electronics brand, has set a revenue target of Rs 2,000 crore by the financial year 2027-28 (FY28), riding on its rapid international expansion and strong foothold in India’s tier 2 and tier 3 markets, a top executive told IndiaRetailing.
The brand, which closed FY24 with revenue in the range of Rs 230-250 crore, is confident of sustaining its growth trajectory by diversifying its product portfolio and strengthening its retail and distribution network.
Since its launch in India in 2020, Elista has rapidly scaled operations, expanding to Dubai by 2022 and subsequently establishing a presence in over 18 countries across Central Asia, Africa, and the Middle East. The company aims to double this reach to 35+ countries within the next two years, leveraging an already well-established distribution network in these regions.
“We had an existing sales and distribution network in the Middle East, Africa, and Central Asia, where we handled multiple brands. Instead of building a new channel from scratch, we integrated Elista into this network, giving us a head start in international markets,” said Saket Gaurav, chairman and managing director (CMD), Elista. He attributes the brand’s success to a professional team with deep industry expertise and a strategic approach to entering new markets.
AC sales are set to be the main driver.
Elista is also expecting robust sales in the air conditioner (AC) category this summer, buoyed by increasing demand in tier 2 and tier 3 cities.
“Our strategy is to target feature-conscious consumers who prioritise specifications over brand loyalty. Whether it’s smart TVs or air conditioners, we offer high-end specifications at a more accessible price point,” Gaurav noted.
Smart TVs: A shifting market
A major driver of Elista’s growth has been the smart TV category, where prices have fallen significantly over the last decade due to reduced component costs and increased domestic manufacturing. The company has been capitalising on this trend, focusing on tier 2 and 3 cities where premium service is often lacking.
“The Indian smart TV market has evolved dramatically. A decade ago, a 43-inch smart TV cost around Rs 60,000-70,000. Today, thanks to declining raw material costs and 100% local manufacturing, smart TVs have become a mass-market product,” Gaurav explained.
However, he added that further price reductions are expected as India strengthens its semiconductor manufacturing ecosystem. Currently, India imports key components like mainboards, but domestic production could lead to even more affordable smart TVs.
Balancing online & offline sales
Despite the e-commerce boom, Elista tries to maintain a strong offline presence, with nearly 95% of its sales coming from traditional retail. The company focuses on independent retailers in tier 2 and 3 cities, where it holds a dominant position. While online sales contribute just 5% of its business, primarily through Flipkart and Amazon, Elista is set to launch a direct-to-consumer (D2C) platform in FY26 to expand its digital footprint.
“In India, TV sales are still predominantly offline. Consumers prefer to see the product in-store and expect immediate installation and service. We respect this behaviour and support our retail partners by limiting online TV sales,” Gaurav said.
However, the company does expect a gradual shift toward online purchases and is prepared to adapt as market dynamics evolve.
Strategic focus: tier 2 & 3 cities
Elista has carved a niche for itself by focusing on emerging cities where premium service is often lacking. While urban markets remain competitive, smaller cities present an opportunity for brands that can offer high-quality, cost-effective products with reliable after-sales support.
“For smart TVs, our key markets are Tier 2 and Tier 3 cities, where we bridge the service gap left by larger brands. However, for accessories like gaming monitors, keyboards, and mice, we have a strong presence in urban areas and online platforms,” Gaurav elaborated.
The company’s retail strategy involves partnering with small and medium-sized retailers rather than large-format chains like Tata Croma and Reliance Digital. Around 60-70% of Elista’s offline business comes from independent retailers, with the rest from regional large-format stores.
Future Vision: Building a global Indian brand
Elista envisions becoming a globally competitive Indian electronics brand that blends affordability, quality, and international reach. The company is heavily investing in domestic manufacturing to maintain control over pricing and quality, ensuring its products meet global standards.
“Most Indian brands focus only on domestic sales, which limits their buying power for components. By scaling internationally, we can place bulk orders, negotiate better rates, and lower costs, much like China’s approach,” Gaurav noted.
Initially relying on OEM/ODM, Elista is now setting up a manufacturing plant in Andhra Pradesh to produce smart TVs and monitors by April 2025. The brand stands out with its customer-first approach, ensuring premium after-sales service in smaller towns matches metro standards, bridging the urban-rural service gap.
