MUMBAI: India’s smart TV market just got a bold new challenger—because what’s a tech industry without a little rebellion? Much like someone storming out of Adidas to create Fila, Circuit House Technologies is here to shake things up.
Co-founded by Raghu Reddy and Kailash Sankaranarayanan, former Xiaomi India and Flipkart executives respectively, this homegrown startup is throwing its hat into the premium smart TV ring with its made-in-India Lumio 4K smart TVs. Built by Dixon Technologies, these high-end screens are set to take on the big boys, delivering bigger, smarter, and better entertainment for Indian households.
As the overall TV market slows down, brands like Oppo, Realme, Philips, and Amazon Basics have already exited the space. But Circuit House sees opportunity where others see uncertainty. “There are pockets within the market that continue to grow as consumers seek premium and larger screen sizes. We are targeting the 4K smart TV segment… 4K TVs now account for almost 70 per cent of total television purchases and are projected to maintain a strong growth trajectory in the future,” said Reddy.
While Xiaomi, Samsung, LG, Sony, and TCL dominate the smart TV landscape, Circuit House is betting big on India's premiumisation trend—with 43-inch and above 4K TVs leading the charge. Beyond TVs, the company plans to expand into the broader home entertainment segment.
Reddy and his team of ex-Xiaomi, Flipkart, Lenovo, Philips, TiVo, LG, and Samsung professionals are pooling their expertise in product development, branding, software, quality control, and after-sales service to craft a world-class smart TV experience.
For Lumio’s debut, Google is on board to integrate its Google TV OS, ensuring users get access to a rich content ecosystem. To lock in distribution, Lumio smart TVs will be sold exclusively on Amazon under a strategic partnership.
“The Smart TV segment in India is at an inflexion point, and partnerships like these demonstrate the immense potential of domestic manufacturing,” said Dixon Technologies vice chairman & MD Atul Lall.
Despite the Indian smart TV market shrinking by 3 per cent in 2024 due to macroeconomic challenges, Circuit House remains optimistic. The company sees a $5 billion market poised to grow at 13 per cent CAGR over the next three to four years, driven by bigger screens, QLED/OLED/MiniLED technology, and advanced features that are now becoming mainstream.
Last year, Circuit House raised $4.3 million in funding from Stellaris and 3one4 Capital—a war chest that Reddy says is enough for the company’s first year of operations.
With exits from key players and a shifting consumer landscape, Circuit House is betting that Indian consumers are ready to embrace a homegrown, high-quality smart TV brand. As premiumisation surges, Lumio’s high-spec, India-made smart TVs could be the disruptor the market didn’t see coming.
