Looking ahead, Novamax aims to expand its product offerings into broader cooling solutions like air conditioners and refrigerators.
New Delhi: Noida-based Novamax Appliances is on track to achieve a Rs 250 crore turnover this fiscal year, having already surpassed Rs 200 crore, a company top executive told IndiaRetailing.
“We closed last season at Rs 164 crore, and this year, we expect to reach Rs 250 crore as we’ve already crossed Rs 200 crore,” said Harshit Aggarwal, founder, of Novamax Appliances.
The company is known for its coolers and holds around 20 patents in the cooler industry, including innovations in blade design to maximise airflow and improve performance.
The brand claims that its coolers are built with several innovations, including non-breakable bodies and UV protection to ensure longevity—features that set the brand apart in a competitive market. “We’ve made our cooler bodies non-breakable and UV-protected, ensuring they won’t break for at least ten years,” Aggarwal explained.
Novamax aims to expand its product offerings into broader cooling solutions like air conditioners and refrigerators. “Once we perfect the production process for coolers, we will look at branching into other cooling products,” Aggarwal shared.
Novamax has refrained from raising external funds, relying on initial bank loans for seed capital. Aggarwal noted, “We haven’t felt the need for external funding yet. For some initial funding, we took loans from the bank, but we haven’t raised any external funds.”
Despite the growth, Aggarwal emphasised a careful approach, noting the challenge of balancing seasonal demand for its coolers. “It’s a seasonal product, so demand spikes during the summer months, especially after Holi, but maintaining a steady supply during the peak season is a challenge. We stock up in advance to ensure demand is met.”
The company has also ventured into international markets, with exports to Nepal, Sri Lanka, and even parts of Africa.
“Our export business is doing well, and we’re expanding our footprint globally,” added Aggarwal.
The company’s retail presence is also growing, with products now available in around 15,000 outlets. Aggarwal shared that about 85% of the company’s sales still come from offline channels, and the brand is increasingly focusing on its Direct-to-Consumer (D2C) platform.
“We want to increase the online share, especially through our D2C channel. It is more beneficial for us,” he added.
In the next five years, the company plans to scale its operations and potentially reach new markets. Aggarwal added, “Our long-term goal is to be recognized as a brand known for great products that customers love and recommend to others.”
