In just six years, a Noida youngster has disrupted the air cooler market, building a brand with a turnover of Rs 164 crore
The successful entrepreneurial journey of Harshit Aggarwal (26), Founder of Novamax Industries LLP, is as cool as the business he is in - air coolers. Riding on the wave of his father's success in the unbranded air-cooler market, Harshit launched his brand, Novamax, in July 2018.
In just under six years, it has surged to a turnover of Rs. 164 crore, emerging as a prominent player in the commercial air coolers segment. Harshit Aggarwal launched Novamax Air Coolers in 2018 at the age of 19.
The Noida-based company sold over 2. 05 lakh air coolers in the FY 2023-24, compared to 1. 15 lakh units in 2022-23, with prices ranging from Rs. 4,500 to Rs. 20,000. Harshit started Novamax in a rented building of 10,000 sq ft in Greater Noida, Uttar Pradesh, and slowly expanded it to 100,000 sq ft in five years.
“Right now, Novamax has orders for 20,000 coolers per day, but our production capacity is limited to only 2,000 units. Our new unit will be the world’s largest air cooler manufacturing facility with a production capacity of 15,000 coolers per day,” says Harshit.
With export orders as well, they hope to touch one million units per annum in the next three to four years and reach the number one position. Harshit has set his eyes on the Number One spot in the air cooler market.
Currently, Symphony is the leader in the air coolers segment, selling 8 lakh units per annum. Novamax offers a diverse product line, including desert, commercial, and personal air coolers, catering to different requirements and budgets.
“Earlier, commercial coolers couldn’t be used in homes due to their huge size, which is normally around the size of 30 inches (the total diameter of the fan blade),” says Harshit. While Rajasthan, Gujarat, Madhya Pradesh, and Uttar Pradesh are the main markets in India, Novamax has started exporting to Kuwait, Nepal, Sri Lanka, and Africa this year, contributing to two percent of the overall sales.
Novamax has ventured into electrical appliances and also has plans to manufacture washing machines and air conditioners.
Nirdesh started his first business, a brick kiln, in Greater Noida in 2003 with Rs. 6 lakh borrowed from friends and family. “Around that time, there were only two AC block plants in the entire country run by big groups,” says Harshit. Sensing a business opportunity,
Harshit’s father decided to set up an AC block manufacturing unit. “We were the third to set up a similar plant in the name of Kannav Builders Pvt. Ltd in Greater Noida in 2011 by importing the machinery from Japan,” says Harshit. This business was a massive success for us as our plant was the only manufacturing unit in Delhi NCR.
Thus came the idea to set up Novamax,” says Harshit. He then joined BBA at Sharada University, Greater Noida, but dropped out in the second year to set up Novamax in 2018 with an investment of Rs 6 crore, when he was 19.
Today, while Harshit completely manages Novamax, his father runs Ocean Mould Plast, one of the largest companies manufacturing local air coolers, selling around 5 lakh units per annum. Looking ahead, Novamax has ambitious plans to expand its product portfolio to include a wide range of quality home appliances, such as washing machines and air conditioners, at an economical price point.
As part of its philanthropic activities, Novamax supports schools and old age homes with air coolers.
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