IoT-based locks for both business and domestic use are coming from Godrej Locks.
Godrej Locks will be launching IoT-based interconnected digital locks. The Catus hospitality lock is a solution for managing hotel safety needs, while the Catus connected residential lock, is a 5 in 1 connected lock for home use, Shyam Motwani, Business Head, Godrej Locks and Architectural Fittings and Systems told ETRetail in an exclusive interview.
The Catus inter-connected hotel lock offers complete control of an individual hotel’s premises, as well as a nationwide chain of properties using cloud technology and BLE mesh networking. It also lets users operate with a leaner, more efficient staff, thus helping to reduce the operation costs.
The Catus connected residential lock can be operated by fingerprint, passcode, RFID card, a mechanical key and via mobile phone. It can be seamlessly integrated with various smart home devices, including a Video Door phone. With WiFi connectivity, it can be operated from anywhere in the world.
“In the next 3-5 years, we will be investing Rs 30-40 crore primarily to develop the product. We have started the field trial for the Catus inter-connected hotel lock and we are hoping to roll-out the trials of the Catus connected residential lock by the end of this calendar year,”Motwani stated.
In the next 3-5 years, Godrej Locks expects IoT-based locks to contribute to 10 per cent of the overall revenue.
“We will be launching IoT-based products initially in the metros and tier I cities,” he stated.
Apart from this, Godrej Locks is planning to expand its market presence in North India, with a strong focus on enhancing its footprint in Delhi. The company’s revenue from Delhi in FY23 was approximately 8-9 per cent of its total revenue and is on a growth path to increase its revenue to 20-25 per cent in the next 3-5 years.
“We are also emphasizing on finishes as customers increasingly seek a variety of options to align locks with their home decor. To achieve this, we will invest in enhancing finishes, technology, and product development across various segments, including main doors and internal doors,” he added.
Currently, close to 80 per cent of the business of the company comes from metro and tier I cities and the rest 20 per cent from tier II and beyond.
“We grew by 22 per cent the last fiscal and if the GDP grows by about estimated 7 per cent, we should grow over 14-15 per cent this fiscal,” he said.
At present, 60 per cent of the revenue for the company comes from locking solutions and the rest 40 per cent from architectural solutions. B2C contributes to 80 per cent of the total business and the rest 20 per cent comes from B2B business.
Going ahead, the company is also planning to launch affordable products to cater to consumers of tier II and beyond.