Eyeing Rs 100 crore in revenue in the next two years, domestic handset-maker M-tech Mobile on Monday announced a new mobile accessories brand "Nexez". The accessories brand will initially roll out products in five categories -- headphone, earphone, Bluetooth speaker, power bank and USB cable and charger.
"After establishing our reputation in the affordable mobile phone market, we felt the time is ideal to foray into the exploding mobile accessories market," Goutam Kumar Jain, Co-Founder, M-tech Informatics Ltd, said in a statement.
"The brand 'Nexez' with its elegant, Japanese design, product quality and affordable pricing has all the right ingredients to appeal to customers," Jain added.
According to US-based market research firm Nester, the Indian mobile phone accessories market is anticipated to clock a CAGR of 10.5 per cent till 2024.
The market is expected to reach $3.54 billion by the end of 2024 up from $1.42 billion in 2016.
M-tech Mobile also plans to leverage its existing network of over 600 distribution centres, 20,000 retailers and more than 700 service centres to ramp up sales and effectively serve its customers.
Earlier in July, the company launched two feature phones called "Raga" and "V10".