Now here's a smartwatch from Timex for just Rs 12,000. It looks good too

Timex Group is planning to tap India's wearables market with its smart watches and fitness bands. It's looking at gaining a share of as much as 15% of the market.

"We are aiming to sell more than 5 lakh wearable devices in India by the end of the ongoing financial year," Anupam Mathur, head of sales and marketing at Timex Group India, told ET. This would account for 10-15% of overall volume and value sales in India, he said.

Timex launched the Ironman Run x20 GPS smartwatch and Ironman Move x20 fitness band, priced at 11,995 and 8,995, respectively, on Monday. Amazon will be the sole distributor of these devices in India in the current year.

Chinese smartphone maker Xiaomi recently launched fitness device Mi Band, which will go on sale May 5, via its own ecommerce website. With a 999 price tag, the Mi Band is expected to provide a much-needed push to the country's wearables market.

In India, the market is at a nascent stage, selling a handful of products such as smartwatches and fitness bands launched by handset makers such as Samsung, Sony, Motorola and Alcatel OneTouch. Sales of wearable devices such as smartwatches and fitness bands totaled 1 lakh units in India in 2014 and is estimated to rise to slightly above half a million in 2015, according to Counterpoint Research. The smart wearables market in India during the first quarter of 2015 was 0.08 million units with smart watches contributing to 40% of shipments and smart bands contributing to 60%, according to Counterpoint Research.

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