Godrej Enterprises Group's security solutions business aims to double its revenue over the next five years, driven by technology-led innovations in safes, rising demand for advanced security products and expansion in international markets, said a company executive on Monday.
The security solutions business of Jamshyd Godrej-led Godrej Enterprises Group, which currently has a revenue of around Rs 1,300 crore, and expects a double digit CAGR of 15-18 per cent, led by domestic as well as exports market, Pushkar Gokhale, Business Head, Security Solutions Business at Godrej Enterprises told PTI.
"We should be growing at least by 15-18 per cent is what we are looking at. We should be doubling in the next five years," Gokhale said during an interaction here.
Besides, the Security Solutions Business, a market leader in India’s home lockers category, also has plans to invest around Rs 100 crore in research and development (R&D) over the next two to three years to develop new technologies and integrate digital capabilities into its physical security products.
The investments will focus on new-age technologies such as biometric authentication and face recognition, alongside the integration of technologies including artificial intelligence and the Internet of Things (IoT), as the company looks to strengthen its product portfolio and drive its next phase of growth.
"Today everybody talks about AI, IoT, so one of the areas of development for us is to integrate these kinds of technologies into our products," said Gokhale.
The company had introduced successive layers of digital technology into its safes, moving from traditional key-based locking systems to digital keypads, fingerprint authentication and, more recently, face recognition.
"What if I forget my password? What if someone else has got my password? So that's where we came up with these kinds of technologies where you have to be personally present in front of the safe if it has to be opened," Gokhale said.
The Security Solutions Business of Godrej Enterprises on Monday unveiled two new products — the NX Pro Ncrypt Home Locker and SEETHRU Third-i Multi Apartment Video Door Phone with Face Recognition Lobby Unit — introducing facial recognition technology across home security and residential community access.
These solutions use advanced authentication technologies to enhance security, simplify access and offer greater convenience and personalisation. These features are aimed at delivering smarter and connected security solutions.
Godrej's security solutions business has a strong distribution network, with nearly 5,000 retailers, and primarily follows a business-to-consumer (B2C) strategy for its safes.
For other product categories, including video door phones, the company follows a business-to-business (B2B) approach, targeting real estate developers and residential projects.
The domestic retail safes market is estimated at around Rs 500 crore and is growing rapidly, Gokhale said, adding that Godrej commands nearly 80 per cent of the market in the general trade segment.
He said digital technology was increasingly becoming an integral part of physical security products rather than remaining a separate product category.
"The digital part right now is close to 10 per cent," he said, referring to the contribution of digitally enabled products to the business.
When asked about overseas presence, Gokhale said the company exports its products to more than 60 countries, including developed markets such as the United States, Europe, Australia and New Zealand. It has also started exporting to China.
Exports currently contribute around 12 per cent of the business, and the company expects overseas sales to grow faster than its overall business.
"We do have our eyes set on the international markets and definitely, we should be growing much faster," he said.
