Dubai: The UAE consumer electronics market is in a state of saturation right now, so most of the growth is coming outside the UAE, said Sharad Bachani, co-founder of Merlin Digital.
“We are growing organically in the UAE. About 50 per cent of the revenue comes from the UAE but 80 per cent of the growth is coming outside the UAE,” he said.
Merlin sees a 20 per cent growth in revenues this year compared to $15 million last year.
The UAE is not a huge market when compared to the US and Europe, he said, and added that as the US and Europe are not in their geographical areas, there is no real return on investment.
Having spread across Ukraine, Singapore, Sri Lanka, Mauritius, and India (Mumbai and Gujarat) and with 50 outlets inside and outside of the UAE, the company is keen to replicate the same business model in other countries step by step.
“We have a business model here and we are trying to replicate that in India and that seem to be working well. We are planning to open one more in Mumbai and looking at Chennai and Bengaluru in India,” Bachani said.
