What we do CWD Ltd designs, manufactures, and sells integrated wireless-enabled IoT devices and technology solutions for consumer electronics, fintech, agri-tech, and smart metering sectors. |
Founded in 2,016 |
Market share Leader in IoT-based fintech soundboxes and emerging player in smart metering and agri-tech wireless solutions. |
Problem solved Solving seamless wireless connectivity challenges across IoT devices for digital payments, farm and livestock monitoring, and smart infrastructure. |
Top clients or who we serve Serve financial institutions, utility firms, agriculture businesses, and enterprises through B2B and B2C models including PhonePe, Jio, CyanConnode. |
Key management Tejas Kothari (Joint MD), Siddhartha Xavier (Joint MD), Aditya Xavier (Head of Technology), Manish Mistry (Head of Hardware). |
Our journey and innovations Incorporated in 2016, publicly listed in 2021; pioneered IoT soundboxes for payments and developed products spanning NFC to 5G LTE wireless technologies. |
Where we operate Primarily India with subsidiaries in Hong Kong and global expansion plans, including upcoming US office. |
Top products or what we offer Payment soundboxes, smart meters, farm cattle health monitors, employee safety devices, and BLE modules for consumer appliances. |
Top brands Leading fintech soundboxes (PhonePe supply), smart meters with CyanConnode, Jio WMS devices; recognized for innovation in wireless IoT solutions. |
Raw materials needed Components for electronics, microcontrollers, semiconductors, wireless communication modules. |
Raw materials supplier Global sourcing through exclusive partnerships; direct OEM procurement for cost efficiency. |
Recurring vs cyclical contribution Revenue mix includes recurring SaaS and device rentals alongside cyclical device sales contracts. |
Our industry position Market leader in fintech soundboxes, growing presence in smart metering and agri-tech IoT with large confirmed order books. |
Financial highlights FY25 revenue Rs 33.8 Cr, net profit Rs 2.51 Cr; H1 FY26 shows 511% revenue growth to Rs 40 Cr and positive EBITDA margin expansion. |
Geographical revenue split ~94% from local Indian markets and ~6% from exports. |
Order book Confirmed order book exceeding Rs 200 Cr spanning fintech soundboxes, smart meters, and WMS devices. |
Whats driving growth Rapid digital payment adoption, government smart metering programs, agri-tech IoT demand, capacity expansions, and SaaS integration. |
Our future plans Scale up soundbox production, expand smart meter deployments, develop AI/ML modules, grow international operations and increase workforce. |
Our green promise Committed to energy conservation seminars and evaluating alternate renewable energy sources at manufacturing facilities. |
Our people and values 49 employees emphasizing innovation, inclusion with diversity of 38 men and 11 women, fostering an inclusive workplace culture. |
Key challenges ahead Meeting scaling operational demands, ensuring supply chain stability, compliance, and sustaining tech innovation. |
Interesting facts Only Indian IoT soundbox manufacturer chosen by PhonePe; innovative AI-powered SaaS platform for merchant analytics. |
Risks and strategy Mitigating regulatory compliance risks, supplier dependency, and market competition through strong governance, diversified suppliers, and continual R&D. |
