Canon India is aiming at INR 1,000 crore turnover in the next two years by tapping the unexplored market potential of office automation space in government and private sector.
'Our annual turnover in India is INR 675 cr. We expect a 25% growth year-on-year for next two years. Despite recession, we are witnessing a 20% growth. We can expect a 25% growth in the next couple of years,' Puneet Datta, senior manager (Marketing), Business Imaging Solutions Division, told Sakal Times.
The company has adopted a three-pronged strategy to achieve its targets. It is strengthening its B2B domain, tapping government sector spending in the e-governance sector and the Small and Medium Business (SMB) sector.
'We have infused INR 100 cr in strengthening our B2B domain. We are leasing out our equipment. This reduces the burden of upfront investment from potential clients.'
The company sells its products through strategic partners, who have been allowed a higher credit limit through a multinational bank. Canon is giving the guarantee.
'Once they have the liquidity, they can rotate their money accordingly and give out the products on lease and earn through this model,' Datta said.
The company expects government spending to increase in the e-governance sphere between third and fourth quarter in the current fiscal. This would help it to enter public sector domain in a big way.