Daewoo re-enters Indian market, looks to launch e-bikes, e-cycles in 3 years

The iconic South-Korean brand Daewoo is making a comeback in the Indian market. But unlike earlier, where the company was selling cars such as Cielo and Matiz, it will now foray into energy and battery, electronics and e-bikes segments in the near future. For its re-entry, the company has entered a brand licensing partnership with home-grown Kelwon Electronics and Appliances Private Limited.

Chan Ryu, Director, Daewoo India Operations, told Business Today, “Daewoo, part of the POSCO conglomerate, possesses a globally recognised trademark and a well-established presence in international markets including USA, Europe, China, Middle East, UAE and many more. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.” 

Asked about the investments the company would make in India, the leadership team said the comeback will be through brand licensing and Daewoo will not making investments in the country. 

In the initial stage, the company will introduce a range of power and energy products, including batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries, and will also offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Daewoo branded high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA for electrical devices will also be launched. 

Next year, as a part of consumer durables portfolio, the company will introduce a wide range of products including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances. And within three years, Daewoo also plans to introduce a line of e-bikes and e-cycles in the Indian market. 

H.S. Bhatia, Managing Director of Kelwon Electronics & Appliances Pvt. Ltd., told BT that the partnership is long-term and will be the cornerstone of Kelwon Electronics’ sustained growth. He added, “Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India in becoming the third largest economy in the world.” Singh also said that Daewoo products will be made in India as Kelwon Electronics is associating with local manufacturers.

Daewoo has a presence in 110 countries. Its decision to re-enter India is based on the fact that India is one the world’s most promising consumer markets and the re-entry will help the brand capitalise on India’s robust economic growth and surging consumer demand. Also, the retail industry in India accounts for more than 10 per cent of the country’s GDP and employs approximately 8 per cent of the population. A wide range of foreign brands are active in the Indian market, across the consumer spectrum.

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