Xiaomi-backed Yeelight on Monday said India market would play a "crucial" role in its business as the smart lighting solutions maker aims to double its revenues to RMB 600 million (about Rs 635 crore) this year. Yeelight, which is backed by smartphone major Xiaomi, has introduced four products in India including a smart lamp, a light strip and two smart bulbs, priced between Rs 2,000 to 10,000. "Last December, Yeelight reached the revenue of 300 million RMB and this year, we expect to double this figure. The overseas market is rolling even faster, we expect to see a 200 per cent year-on-year growth, and that also explains why Indian market -- the second largest market in the world- is crucial to Yeelight," Yeelight CEO and founder Eric Jiang told PTI.
The Indian smart lighting solutions industry is growing at a fast pace and Yeelight is aiming to become the leader in the industry by 2022, he added. In the first phase, the company's products will be exclusively available on Amazon and later, it would also be available at retail outlets and experiential zones of major metro cities. Jiang said there is immense potential in the smart home/home automation market in India.
Citing industry data, he said the smart home market in India is estimated to be well over USD 800 million with an expected annual growth rate (CAGR 2018-2022) of over 60 per cent.
"...if you look at the application of smart hardware in the smart home system, lighting turns out to be the most widely and frequently used hardware in the smart home system. Lighting could be the most convenient first-step into a smart home," he explained.
Yeelight has shipped over 8 million sets of smart lighting products to over 100 countries and regions globally. Asked if the products will be rolled out under the aegis of Xiaomi in India, Jiang said Yeelight joined Xiaomi ecosystem in 2014.
"Xiaomi is our key account and partner. Yeelight provides smart lighting products under the brand of both Yeelight and Xiaomi. Mi Smart Bulbs available in India are supplied by Yeelight. This time, we hope to bring more Yeelight-branded products to the Indian market, and offer our users with more options in terms of smart lighting application," he said.
Incubated by SOSVenture, Yeelight's products will be imported and distributed in India by its partner, PR Innovations.
