Chennai, June 4 (IANS) Armed with a global brand to market, city-based Morf India targets to market 40,000 units of its Kelvinator Ayoni water purifiers in India this fiscal, said a top company official.
The company is also looking out for venture capital funding of Rs.10 crore to build its business.
Launching the Kelvinator Ayoni water purifier here, Morf India's managing director M.V. Praveen told reporters: In the first year we plan to sell 35,000-40,000 units. By the end of this fiscal we will market our products in all tier I Indian cities.
In order to have a presence in the growing Indian market, Electrolux Home Products Inc. has licensed Morf India to market the Kelvinator brand water and air purifiers in India and Sri Lanka.
The licence is for five years and could be extended, Praveen said.
Morf India would pay Electrolux a royalty, as also bear the expenditure on marketing both products.
The air purifiers would be marketed next fiscal, after stabilising the water purifier business, which would see the launch of more models.
Electrolux has a nine-member Global Brand Licensing group headquartered in Sweden.
The retail sales of our licensed products are around $3 billion, Matthew Young, head Global Brand Licensing said.
Queried about other products it proposes to license, Young replied that the Kelvinator brand is known for its kitchen centred products and the company would look at that space in future.