As per a study conducted by GFK, a market research firm, Indians spend an average of 13 hours per week cooking. The country also tops the chart of 22 countries and Ukraine comes in a close second. This is quite a high as compared to the average of around 4 hours spent per week in countries like South Korea and Turkey.
Realizing that despite such high numbers, the home appliances industry in the country was pretty stagnant, Murugan Dhandapani and A.Prathap started Geek Technology in 2019. With its two main flagship products: electric pressure cookers and air fryer oven — the two products focused on automating the cooking process in Indian households with pre-installed recipes, timer, and a heating system. This leaves the users with standard minimal work like washing and chopping. The Chennai-based company also offers smart lock and rechargeable fans as some of its main products.
How have you specifically built out the products keeping in mind the Indian consumer?
These products were designed keeping in mind the Indian audience and their meal habits. The Indian audience is quite different to the Western audience. Indian households have around 4-6 members in a family and consume large portions of food while Western households hold a maximum of 4 members and consume smaller portions when compared.
How has the company grown so far?
We have an overall user base of 40,000 families and see 85% of the sales coming in from e-comm websites like Amazon and Flipkart. We see only about 10% of the sales from the company website. In the coming years, we are planning on weaning off the sites to drive sales to its website. Apart from this, there is also a 5% of sales coming from 25 odd offline stores situated in Chennai.
We saw a revenue of Rs 35 crores coming in last financial year with a valuation of Rs 140 crores and have seen a 50% growth YoY in the last two years.
What are the future plans of Geek Technology?
Geek technology currently does not have any plans to expand to the global market. Instead, we are focusing on establishing our presence in the Indian market zeroing in on the urban and tier 1 cities.
We are currently bootstrapped but are in talks to raise the first round by the end of this year. We plan on taking Geek Technology to the Rs 500 crore market in three years’ time.