Signify Innovations aims doubling growth in 3 yrs

Signify Innovations India Ltd. aims to double revenue with 200 Philips Smart Light Hubs nationwide in 2-3 years.

Signify Innovations India Ltd., plans to double its revenue from smart lighting business by setting up 200 Philips ‘Smart Light Hubs’ natiowide over two to three years, said a top official.

“Last fiscal, revenue from lighting segment grew 20% against industry growth of 10%-15%. This year, we are aiming at double digit growth,” said Signify Business Head India - smart homes and switches, Raja Moudgil during an interaction.

Smart lighting refers to the use of Internet of Things to control room lighting and the ability to use cloud to control power virtually.

Formerly known as Philips Lighting India Ltd., Signify has established 300 Smart Light Hubs so far. They are a one-stop destination for customers’ home lighting needs be it smart or decorative lighting.

“Last year, we added 100 Smart Light Hubs. Most of them are run by franchisees. We do invest quite a bit in these franchisees and the Hubs achieve break even in the first six months,” Mr. Moudgil said.

He inaugurated the 16th Philips Smart Light Hub in Chennai on Thursday. New stores have been planned across tiers one, two and three cities.

Mr. Moudgil said connected lighting systems were growing rapidly contributing 13% of overall revenue last fiscal. “This year we expect them to contribute 20% and reach 50% in three years time,” he said.