The Weekend Leader - How Harshit Aggarwal Built Novamax Air Coolers Into a Rs 164 Crore Turnover Brand

Noida Youngster Disrupts Air Cooler Market, Builds Rs 164 Crore Turnover Brand in Just Six Years

Usha Prasad   |  


Vol 15 | Issue 25

The successful entrepreneurial journey of Harshit Aggarwal (26), Founder of Novamax Industries LLP, is as cool as the business he is in - air coolers. Riding on the wave of his father's success in the unbranded air-cooler market, Harshit launched his own brand, Novamax, in July 2018.

Even in its first year, Novamax clocked a turnover of Rs. 3.5 crore. In just under six years, it has surged to a turnover of Rs. 164 crore, emerging as a prominent player in the commercial air coolers segment.

Harshit Aggarwal launched Novamax Air Coolers in 2018 at the age of 19 (Photos: Special Arrangement) 

The Noida-based company sold over 2.05 lakh air coolers in the FY 2023-24, compared to 1.15 lakh units in 2022-23, with prices ranging from Rs. 4,500 to Rs. 20,000.

Harshit started Novamax in a rented building of 10,000 sq ft in Greater Noida, Uttar Pradesh, and slowly expanded it to 100,000 sq ft in five years.

Now, they have purchased a three-acre land in the BMIC Industrial area in Noida, where a three-storeyed building spanning 400,000 sq ft is coming up. They plan to shift to their new unit by next year.

Novamax, which began with just 25 people, has more than 350 employees on its rolls today. With the company witnessing 15 times growth in six years, Harshit is optimistic that they will reach the number one spot in the next three years.

“Right now, Novamax has orders for 20,000 coolers per day, but our production capacity is limited to only 2,000 units. Our new unit will be the world’s largest air cooler manufacturing facility with a production capacity of 15,000 coolers per day,” says Harshit.

With this, they hope to double their production and reach the number two position in the next two years. With export orders as well, they hope to touch one million units per annum in the next three to four years and reach the number one position.

Harshit has set his eyes on the Number One spot in the air cooler market

Currently, Symphony is the leader in the air coolers segment, selling 8 lakh units per annum. “In this season, we will touch three lakh units,” says Harshit.

Novamax offers a diverse product line, including desert, commercial, and personal air coolers, catering to different requirements and budgets.

The commercial coolers, priced between Rs. 7,000 and Rs. 20,000, account for 60% of total sales, while desert coolers, priced between Rs. 6,000 and Rs. 10,000, contribute 30%. Personal coolers, priced between Rs. 4,000 and Rs. 6,000, make up the remaining 10%.

“Earlier, commercial coolers couldn’t be used in homes due to their huge size, which is normally around the size of 30 inches (the total diameter of the fan blade),” says Harshit.

These coolers are seen in banquets, wedding halls, and big functions. Desert coolers, designed for hot, dry climates, are available in 16 inches and work on an evaporation system.

“We came up with a mid-segment air cooler, in between commercial and desert coolers, by launching it in two sizes of 20 and 22 inches with very high air throw. This changed the entire dynamics of the air cooler industry,” Harshit explains, giving more details on the various types of air coolers.

While Rajasthan, Gujarat, Madhya Pradesh, and Uttar Pradesh are the main markets in India, Novamax has started exporting to Kuwait, Nepal, Sri Lanka, and Africa this year, contributing to two percent of the overall sales.

Novamax also sells its products on various e-commerce platforms such as Amazon, Flipkart, and its own website, with e-commerce accounting for 20 percent of sales.

Novamax has ventured into electrical appliances and also has plans to manufacture washing machines and air conditioners 

In addition to air coolers, Novamax has ventured into electrical appliances, selling products like mixers, grinders, electric kettles, and immersion rods on Amazon and Flipkart under the Novamax brand. This segment contributes 5% to overall sales.

Harshit has built on the foundation laid by his father, Nirdesh Aggarwal, a first-generation entrepreneur.

Nirdesh started his first business, a brick kiln, in Greater Noida in 2003 with Rs. 6 lakh borrowed from friends and family. Despite losing his parents at a young age, Nirdesh topped his board exams but had to quit studies to support his family.

He initially worked as a helper in a grocery shop for Rs. 350 per month. After gaining stability, he got into stock trading and married Geetha in 1995. He later set up a brick kiln in 2003.

The business was doing well. However, in 2011, a new technology called AC blocks (ash and cement blocks) started replacing bricks.

“Around that time, there were only two AC block plants in the entire country run by big groups,” says Harshit. Sensing a business opportunity, Harshit’s father decided to set up an AC block manufacturing unit.

“We were the third to set up a similar plant in the name of Kannav Builders Pvt. Ltd in Greater Noida in 2011 by importing the machinery from Japan,” says Harshit.

“My father started this business in partnership with two of his friends. This business was a massive success for us as our plant was the only manufacturing unit in Delhi NCR.”

However, within a few years, more than 27 AC block plants came up in and around Delhi. With stiff competition from others, the profit margins for Kannav Builders reduced drastically.

As the future looked bleak, Nirdesh resigned from the partnership in 2015 and started exploring new opportunities. This led to the establishment of Ocean Mould Plast in 2017.

Harshit dropped out of college while doing his second year BBA to plunge into business

Ocean Mould Plast, with a turnover of Rs. 45 crore in 2023-24, manufactures plastic moulding, plastic cooler bodies, washing machines, and various other products for the local market.

Seeing the success of Ocean Mould Plast, the Aggarwals decided to manufacture branded air coolers at an affordable cost to compete with leading brands like Bajaj, Symphony, and Orient.

“Though Ocean Mould Plast was doing well, we were not satisfied. We wanted to build a branded product that people remember for a long time. Thus came the idea to set up Novamax,” says Harshit.

Harshit completed his Class 12 from Ram-Eesh International School, Greater Noida. He then joined BBA at Sharada University, Greater Noida, but dropped out in the second year to set up Novamax in 2018 with an investment of Rs 6 crore, when he was 19.

So what was his father’s reaction when he decided to drop out of college? “I wanted to look after the business and always wanted to be with my father and the family. My father was okay with it,” says Harshit.

Today, while Harshit completely manages Novamax, his father runs Ocean Mould Plast, one of the largest companies manufacturing local air coolers, selling around 5 lakh units per annum.

Novamax has more than 350 employees on its rolls now

Looking ahead, Novamax has ambitious plans to expand its product portfolio to include a wide range of quality home appliances, such as washing machines and air conditioners, at an economical price point.

Harshit has an elder sister, Deepanshi Aggarwal, who is pursuing her MD in Radiology, and a younger sister, Simran Aggarwal, who is preparing for UPSC exams.

Harshit got married in December 2023 to Bhavya Garg, who is a housewife. In his leisure time, Harshit enjoys playing cricket, driving, traveling, and keenly follows politics.

As part of its philanthropic activities, Novamax supports schools and old age homes with air coolers. - ©TWL

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