Arjuun Bajaj, CEO & Founder of Daiwa
The Indian television market - which is pegged at Rs 75,000 crore currently as per EY - is flooded with many big and well-established names. How do you plan to compete with these mega brands?
This TV segment of the market is highly glutted with not just emerging brands but also with already established brands which have a firm foothold in the market. However, the competition in this market is channelled to hunt for a perfect blend of technology, trend and quality in the televisions offered by electronics majors. But we are not competing with these companies as we're targeting the mid-age band of customers who desire smart TV features at affordable prices. Daiwa is backed by its parent company and manufacturer Videotex, which is now a Rs. 200-crore company. Nonetheless, in a few years, the brand could become bigger than the manufacturing company.
Will you also consider diversification into other product segments beyond television?
Being in this industry for more than three decades, we are aware of the numerous domains. Likewise, our strategies and implementations are clear throughout for expansion as well. For the moment, we are oriented to manufacture user-friendly 4K TVs and washing machines.
Rurbanisation or transformation of India's rural landscape is creating a new breed of customer who is economically still evolving and yet is aspirational. Do you plan to innovate to address the needs of this customer?
Yes, we too are trying to leverage the transformation, which is why we have a complete range of TVs starting from 24" to 55" 4K which can meet the demands of such customers and also shift them from using those old CRT or LCD TVs to LED TVs and Smart LED TVs.
Manufacturing is not an obvious option when it comes to entrepreneurship in India. You are one of the successful exceptions following the footsteps of your father. What advice would you share for budding entrepreneurs?
Entrepreneurship is an exciting journey, to say the least. It is filled with highs and lows that can put even the world's best roller coaster to shame. While your journey to the top is bound to be a remarkable one, it is sure to sap all your energy too. I wouldn't like to tag my learnings as advice, but I would say a few things to note - "Don't create products to sell, but rather create products for consumers to use." There is a difference in both the ideology and for Daiwa it's the latter one. Next being, customer satisfaction should be the utmost priority. And lastly, ‘Take Calculated Risks and steps - Never get carried away'.
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