A new, made-in-India brand of premium, 4K smart TV will soon be launched by a domestic startup founded by former Xiaomi India and Flipkart officials under the brand name Lumio, and manufactured by Dixon Technologies, the company said.
The foray by Circuit House Technologies - an Indian manufacturing startup - comes at a time when the overall TV market is seeing slow growth, leading to exits by strong brands - Oppo, Realme, Intex, Philips, Amazon Basic, and Panwood - from the category.
Circuit House was co-founded by Raghu Reddy, former Chief Business Officer at Xiaomi India and Kailash Sankaranarayanan, formerly with Flipkart. The Makers of Lumio brand of televisions told Moneycontrol that the startup is focusing on the premium segment, which continues to expand as consumers upgrade from smaller, non-smart TVs to larger, high-end models.
“There are pockets within the market that continue to grow as consumers seek premium and larger screen sizes. We are targeting the 4K smart TV segment… 4K TVs now account for almost 70% of total television purchases and are projected to maintain a strong growth trajectory in the future," co-founder Raghu Reddy said, adding, "We will focus on 43-inch and above 4K TVs.”
The startup’s primary focus will be smart TVs, but it also aims to expand into broader home entertainment segment. “Smart TVs are the biggest category within the home entertainment segment,” Reddy added.
Beyond the 5-6 former Xiaomi India employees, Reddy said the company has onboarded professionals from Flipkart, Lenovo, Philips, TiVo, LG, and Samsung, bringing expertise in product development, brand building, software, quality control, sales, and after-sales management.
“The Smart TV segment in India is at an inflexion point, and partnerships like these demonstrate the immense potential of domestic manufacturing,” Atul Lall, Vice Chairman & MD of Dixon Technologies, said in a statement.
Last year, Circuit House Technologies raised $4.3 million in a funding round led by Stellaris and 3one4 Capital. Reddy said at that time the funding was sufficient for the company's first year of operations.
Counterpoint Research shows that India’s smart TV market fell by 3 percent in 2024, and the overall TV market declined 6 percent due to macroeconomic challenges, inflation, and a cautious consumer spend. The ongoing issues could further impact growth, despite the premiumisation trend, the startup added.
While Chinese handset brands like OnePlus and Realme withdrew from India’s smart TV segment, their Chinese rival Xiaomi continues to lead the market. Samsung, LG, Sony and TCL are ranked among top five players in India.
Reddy, citing industry data, said India's smart TV market is valued at $5 billion, and is expected to grow at a 13% CAGR over the next 3-4 years. This growth will be driven by premiumization trends, with consumers increasingly opting for larger screens, QLED/OLED/MiniLED technologies, and advanced features that are becoming mainstream.
For the Lumio brand, the startup has partnered with Google to integrate the Google TV OS, ensuring broader access to content and applications. The TVs will be sold on Amazon under a strategic partnership.
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