will keep growing. What is driving us is the awareness as to what is the next level of consumer experience we can give. We feel the current form of wearable technology is promising. It is more like an accessory now but has to become a primary device. The key utilitarian apps are still missing, such as those on health and telemetry. The end consumer is not looking at carrying more electronic devices. It will be a success only if it could do something which has not been done so far. We are working on a few wearable technology devices but all the R&D products will not see the market. It also depends on our estimation of how big the market could be, we might chose to launch it commercially.
How has been the success for the company in other electronic devices?
Today, Micromax should be among the top two in the open market for dongles. In 15 months of launch, we are closer to double digits in market share and we had key learnings on the way.
You saw quite some success in neighbouring markets. You are now expanding in Russia. Why Russia?
Our volumes and scale in India help us in the other Saarc markets and these devices have brought a lot of value to the consumers. Russia is interesting because it is a fairly evolved market in terms of consumer preferences and we have generally done well where there are aspirational consumers. The scale in India has given us the power to leverage in a 4G market like Russia and learning from those experiences in other geographies will be key. In Africa, where pricing is the key, we try to refrain from entering such markets. So we missed out that market deliberately despite being big.
Can we expect an IPO after the election?
We will see the financial environment of the country and the requirement of funds for the company. The company is profitable, so the requirement of funds needs to propel us towards an IPO rather than us wanting to go for one. If there is a good M&a opportunity, we would look at raising money from primary or secondary markets. We keep looking at companies in other markets but have not found anything exciting yet.