Meet Savex, the thunderbolt behind Fire-Boltt

Anil Jagasia and Raunak Jagasia of Savex Technologies

From a meagre 0.3 percent market share in 2020 to a dominating 28.6 percent in the first quarter of 2023, Fire-Boltt’s race to the top of the smartwatch ladder has been nothing less than staggering. If you are wondering how the spark morphed into a wildfire, here’s the wind that played its part: Savex Technologies.

So, what’s the connection between Fire-Boltt and Savex? The answer lies in an inconspicuous sentence buried under ‘terms & conditions’ section of the website of Fire-Boltt. “This website is operated by Savex Technologies Private Limited…” reads one of the clauses. Arnav Kishore, co-founder of Fire-Boltt, joins the dots. “Fire-Boltt is incubated and exclusively distributed in India by Savex Technologies,” he says, adding that the company doesn’t have any equity in Fire-Boltt.

Started in 1988 and promoted by Anil Jagasia, Savex is one of the largest ICT (Information and Communications Technology) product distributors in India that counts Samsung, HP India, HP Enterprise, Lenovo and many other brands and companies as its key principals (clients). Based out of Mumbai, Savex has 86 sales offices, 42 warehousing and stocking locations catering to over 750 cities in India, and an operating revenue of Rs23,725 crore in FY22, according to a credit rating note by Crisil in January this year.

The group doubled its revenue in three years. From Rs11,975 crore in FY19, Savex leapfrogged Rs23,725 crore in three years in FY22, Crisil highlights in its note. The company’s product portfolio is spread across mobility, desktops, notebooks, enterprise, printers, peripherals and other IT products and services. While Samsung, HP India, HP Enterprise and Lenovo contribute around 80-90 percent to the sales of the Savex group, product categories such as mobiles, notebooks and desktops contribute 80-85 percent to the sales, points out the report by Crisil.

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A rich history in telecom distribution business has helped Savex build its empire. While Jagasia, the note underlines, has experience of more than three decades in the business, the management team’s track record in technology and telecom products’ distribution business has helped it develop strong relationships with distribution partners. Raunak Jagasia, the second generation of the promoter family, is now actively involved in the daily operations. Raunak is married to Aayushi Kishore, co-founder of Fire-Boltt.