Founded in 2019, Novamax specializes in desert air coolers, competing with established brands like Symphony, Bajaj Electricals, and Orient Electric.
As global temperatures continue to rise, the demand for affordable air coolers is increasing. According to Maximise Market Research, the air cooler market is projected to grow from $1.32 billion in 2022 to $2.74 billion by 2029, at a CAGR of 10.9%. One company capitalizing on this trend in India is Noida-based Novamax. Founder Harshit Aggarwal notes that air cooler companies primarily target consumers in the lower to middle-income brackets. Novamax caters to this demographic by offering competitive prices without compromising on quality. Aggarwal emphasizes that Novamax specializes in desert air coolers, priced between Rs 11,500 and Rs 16,000, while alternative variants are available starting at Rs 5,000. Despite stiff competition from established brands like Symphony, Crompton, Orient Electric, and Bajaj Electricals, Novamax maintains competitive pricing while delivering comparable specifications. Desert air coolers, typically larger than personal coolers, cool surrounding air using water and airflow. Though they are more energy-efficient, they tend to be noisier than personal coolers. Aggarwal highlights that Novamax’s air coolers are particularly energy-efficient, offering a cost-effective and eco-friendly alternative to traditional air conditioning units, which can be costly to operate and maintain. Regarding the price gap with competitors, Aggarwal asserts in a conversation with SMBStory, “If a customer compares our products on e-commerce platforms, they’ll see that we’re much more affordable, with a noticeable price difference of around Rs 3,000. Despite this cost advantage, our quality remains consistently high.”
Aiming for the top spot, Aggarwal founded Novamax in 2019. By March 2024, the company had achieved revenue of Rs 160 crore, selling nearly 200,000 air coolers per season. “When we launched in 2019, we sold 20,000 air coolers. The COVID-19 pandemic in 2020 and 2021 was a tough period for everyone, but while we didn’t see much growth, our business remained stable. From 2022 onward, we saw significant growth, selling over 100,000 units each season,” says Aggarwal. Novamax currently ranks fifth in the industry, with an ambitious goal to reach the top position within the next three years. “Our unique selling proposition is that all our research, development, and production are done in-house, unlike our competitors who rely on third-party manufacturers,” explains Aggarwal. Everything from motors to fans and air cooler bodies is sourced locally, with the exception of pumps, which are imported.
Novamax also distinguishes itself through its warranty and service offerings. The company provides a two-season warranty and has built a network of 150 distributors across India, along with service centers. “We are among the few air cooler companies in India offering after-sales services to customers, but our challenge lies in expanding service coverage across all pin codes. Currently, our services are concentrated in larger cities,” Aggarwal notes. Another significant challenge, according to Aggarwal, is the competition from unorganized players in the market who sell low-quality products at cheaper prices. “The competition from the unorganized sector is a major hurdle because they offer products at prices that don’t even cover the cost of quality materials,” he says. Looking ahead, Aggarwal reveals that Novamax plans to expand its service coverage and venture into other electrical appliance categories, including irons and mixer grinders.
