Truke announced its expansion into the Nepalese market. The brand has partnered with A1 Mobile Hub to provide its latest products in the retail market in Nepal. This strategic move supports Truke's growth strategy, aimed at widening its customer base in new geographies and solidifying its position as a market leader in the consumer audio industry.
The favorable market environment and customer preferences drives Truke's strategic decision to enter the Nepalese market. Initially all the products from Truke, manufactured in India, will be shipped and made available in the retail markets in Nepal. The brand will be increasing its production in India by 30-40% to ship the products to new market. By offering cutting-edge audio solutions at affordable prices, Truke aims to cater to the specific needs of Nepalese customers and establish itself as a trusted audio brand in the region.
Speaking on the development, Mr. Pankaj Upadhyay, CEO & Founder, Truke, said: "We are thrilled to expand our market presence to Nepal, which is also a youth-dominated market with over 70% of its population under 35 yrs. Being a lifestyle-conscious consumer segment, Nepal presents a significant opportunity for Truke, as consumers actively seek competitively priced TWS products without compromising on audio quality. That’s where our expertise is!”
“This move aligns with our vision to make high-quality audio accessible to a wider audience. We have witnessed tremendous growth in the Indian market within just 3 yrs of operations, we believe that our expansion into Nepal will further reinforce our brand's reputation and enable us to serve customers across borders."
By tapping the growing demand for affordable yet high-quality audio products in the region, Truke expects the Nepal market to contribute over 8% to its GMV in FY24. Truke plans to further strengthen its global presence and extend its market reach to two more South Asian countries, Thailand and Indonesia by the end of 2023. Growing at a rate of 120% Y-o-Y, the brand is aiming to grow by 200% Y-o-Y in FY24 through its extensive expansion plans. This target reflects Truke's confidence in its ability to adapt to evolving consumer preferences and its commitment to sustained growth.
Founded in Dec 2019, the brand has launched multiple products in ANC Buds series (Buds Pro), BTG series (BTG 1, BTG 2, BTG 3, BTG X1), Fit Series (Fit1+), Q Series (Buds Q1) S series (Buds S1 & S2, S2 lite), Air buds Series (Air buds Lite, Air Buds Plus and Air buds, Buds F1, etc.). Within three years of its existence, Truke has established itself as one of the most preferred budget TWS brands across generations in India.