Prateek Suri, CEO of MASER, is on a Mission to Take Over Africa’s Consumer Electronics Market

As a young boy growing up in India, Prateek was deeply interested in entrepreneurship. It wasn’t surprising, therefore, that he nurtured this entrepreneurial desire throughout his early days all through to adulthood. Before long, he had begun to do exploits in the world of business. He established MASER Technologies in 2014 and today, this company is among the leading makers of home appliances (such as Smart LED TVs, dish washers, washing machines, audio systems and air conditioners) in the world. 

At the moment, MASER Technology is on a mission to take over the electronics market in Africa. The company has been quite aggressive in this regard, having already established a foothold in smaller economies like Senegal and Tanzania. Its main targets now include bigger economies like Nigeria, Kenya, and others.

Business Elites Africa spoke to Mr Suri to learn more about his company and this expansion drive. Keep reading to see what he told us about his passion for Africa and most importantly, just how affordable and reliable the company’s smart products are.

BEA: Tell us a little about your background and how your entrepreneurial journey began.

Prateek Suri: I was born and brought up in Delhi, India. Mine was an entrepreneurial family. After my high school, I received a BE (Hons) in Mechanical Engineering from BITS Pilani (Dubai Campus) in 2010. I started my career in the trading sector, supplying goods across the MENA region. This would later prove to be an invaluable experience because it availed me the opportunity to research and understand my customers.

Discerning a gap in the market for consumer electronics, I decided to start my own business aimed at manufacturing budget-friendly electronics for quality-conscious consumers in the Middle East and African markets. So in 2014, I founded MASER and have succeeded in growing the company exponentially, on the basis of word-of-mouth recommendations from satisfied customers. MASER’s range of affordable LED TVs, including 4k Smart TVs with top-notch specifications which are sold through leading e-commerce platforms, have proven to be extremely popular with value-conscious public sector entities and consumers in the Middle East and Africa.

I steered MASER’s successful expansion to the UAE in 2019. Under my leadership as CEO, MASER has registered strong sales and sustained growth even in a challenging business environment. For my entrepreneurial vision and leadership, I was awarded an honorary doctorate in international business in December 2019.

BEA: Let’s talk a bit more about your company, MASER. What are the specific products you produce?

Prateek Suri: When we started in 2014, our product portfolio included smart TVs, audio systems and air conditioners.  In 2019, we were able to sell 200,000 units in the MENA region alone.  In 2020 we expanded our products to include dish washers and washing machines.

BEA: MASER is competing in a market that is saturated by big brands such as LG and Sony. What are the Unique Selling Propositions that differentiate you from the competitors?

Prateek Suri: Yes, this is true. I understand that Samsung, LG and Sony control a huge chunk of the market. However, they have set their prices too high and made their products look like they are meant for the rich only. At MASER, we have invested in modern technologies to create better quality products. But most importantly, we have made a sizeable price reduction to make our products affordable to even the less fortunate in society. We aim to make home appliances inclusion a reality.

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BEA: Recently, your company secured funding from a British private equity firm. Could you tell us more about the funding and how it is facilitating your expansion drive?

Prateek Suri: Yes, we did in 2020. MASER received approval for funding from a UK-based private equity firm to invest in a state-of-the-art, 100% export facility to boost its manufacturing capacity and meet growing customer demands. Over the next years, thanks to this funding, we are planning to invest USD 300 Million in a wide range of consumer electronics for sale in the Middle East and Africa. With strong sales and sustained growth, MASER is now poised to enter an ambitious phase of expansion.

You’ve been very aggressive in your effort to penetrate the African market. What are the potentials/opportunity you see here and what value are bringing to the continent?

Africa has the biggest potential for any market at the moment. Reason is that the markets in China, Europe and America are saturated. Second, I believe in the African Union’s call for more affordable devices. We are seeing cheap products in Africa but they’re of less quality. We want to bridge this gap. Another motivation is the fact that 66% of Africa’s population is made up of the youth. Our research shows that these youths love high quality devices that resonate with their tech savvy nature. They don’t just want a digital TV; they want a smart one that can connect to their smartphones. They understand the Internet of Things and that’s why we have made smart washing machines, air conditioners and dishwashers that can alert them once a task is complete.

BEA: Which specific African countries are your products currently available for sale?

Prateek Suri: Our products are currently available for sale in Gambia, Senegal, Tanzania and Malawi. We plan to expand and have distribution centres with reliable partners in Kenya, Rwanda and Nigeria by April 2021…

BEA: How much does a 50-inch smart TV by Maser sell in places like Nigeria, South Africa, Egypt, and Kenya?

Prateek Suri: A 50-inch LED Smart TV is actually our best seller followed by the 65-inch LED TV. The 50-inch will sell for about $380 in these countries.

EDITOR’S NOTE: Read the rest of the interview on page 8 of our latest magazine edition: 25 Entrepreneurs and Brands to Watch in 2021.