"CONSUMERS ARE NOW REPLACING AC UNITS WITHIN 5-7 YEARS, COMPARED TO THE NORM OF 13-15 YEARS"

With quicker replacement cycles, rising demands and changing lifestyles, the white goods industry is undergoing rapid change. In this interview, Sukrit Bharati, MD of Virtuoso Optoelectronics Limited (VOEPL), discusses how a dedication to localization in the midst of these rapid changes can lead to positive outcomes.

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VOEPL was established in 2015. Can you give an overview of the company and tell us how you managed to achieve such significant expansion in merely 8 years?

Virtuoso Optoelectronics Limited (VOEPL) started as a private company in September 2015 and became a public company listed on the BSE SME in September 2022. Its expansion in eight years can be attributed to several key factors.

Firstly, we benefited from a positive geopolitical environment due to stable government played who ensured a conducive business environment with policy continuity and support for economic development.

Secondly, we found ourselves in the correct market, customer and product mix during the period of expansion. The timing & effort clicked, and we entered the commercial production of EMS (Electronics manufacturing services) and LED Lighting products. We then expanded our range to add white goods manufacturing, with the primary product segment being air conditioners and recently added water dispensers.

We had a vision for localisation in India, and worked towards it since 2019, this was complimentary to the environment of domestic manufacturing being fostered by the government.

Enjoying support from both investors and customers, we received growth in the form of financial backing, partnerships, and an increase in demand. The developing interest of investors in manufacturing further helped us in our expansion.

What were some of the major challenges you faced during the initial stages of manufacturing in the company, and how did you overcome them?