Prateek Suri, CEO and founder of Maser. [Courtesy]
Maser, the consumer electronics company founded by Prateek Suri, has officially joined the prestigious ranks of Africa’s unicorns.
A unicorn in business is a startup company valued at over US$1 billion(Sh129 billion), which is privately owned and not listed on a share market.
With its valuation now exceeding $5 billion (Sh645 billion), Maser becomes the seventh company on the continent to achieve this status, marking a significant milestone in Africa's burgeoning tech ecosystem.
The other six unicorns are Flutterwave, Interswitch, Chipper Cash, MNT-Halan, OPay and Wave.
Founded in 2017, Maser started with a simple yet ambitious mission; to revolutionise affordable technology in emerging markets.
Suri, an Indian-born entrepreneur with a background in engineering, identified a gap in the market for high-quality, affordable electronics, particularly in Africa.
“From the outset, I wanted to create products that people genuinely needed and could afford without compromising on quality,” Suri said in a press statement.
He added: “Africa has always been a region brimming with potential, but access to cutting-edge technology has often been limited. Maser was born out of a desire to change that.”
Maser’s product lineup includes a range of smart TVs, home appliances, and consumer electronics, all designed with the needs of African markets in mind.
The company’s focus on affordability, combined with its emphasis on local manufacturing, has enabled it to capture a significant market share in a relatively short period.
Reaching a $5 billion valuation is no small feat, especially in a market as challenging and diverse as Africa.
Suri attributes Maser’s rapid growth to a combination of factors, including strategic partnerships, a deep understanding of the local market, and an unwavering commitment to innovation.
“When we first launched, there were sceptics who doubted whether we could compete with established global brands,” Suri recalled.
He added: “But we knew that by focusing on what the customer truly needs and building strong relationships with local partners, we could carve out our own space in the market.”
One of the key strategies that propelled Maser’s growth was its decision to invest in local manufacturing and assembly plants.
By establishing a presence on the ground, Maser was able to reduce costs, create jobs, and ensure that its products were tailored to the specific needs of African consumers.
“Our local manufacturing approach has been a game-changer,” Suri explains. “It’s not just about reducing costs; it’s about understanding the market from the inside out. We’re able to respond quickly to changes in consumer preferences, and that agility has been crucial to our success.”
Maser’s rise has also been fueled by its innovative use of technology.
The company has embraced the Internet of Things (IoT), artificial intelligence, and data analytics to enhance its product offerings and improve the customer experience.
From smart TVs that offer personalized content recommendations to home appliances that can be controlled remotely via smartphone, Maser’s products are designed to integrate seamlessly into the modern, connected lifestyle.
Africa’s tech ecosystem has been rapidly evolving, with startups in sectors ranging from fintech to agritech attracting significant investment.
However, the continent has seen relatively few hardware companies achieve unicorn status.
Maser’s success is a significant milestone, not just for the company, but for the broader African tech landscape.
“The African market presents unique challenges, but it’s also full of opportunities,” Suri said.
“There’s a young, tech-savvy population that is eager to adopt new technologies, and that’s a huge advantage. But to succeed here, you need to understand the local context and be willing to adapt.”
One of the biggest challenges, he said Maser has faced is navigating the diverse regulatory environments across the continent.
This is because each country has its own set of rules and regulations, and complying with these can be a complex and time-consuming process. However, Suri views this as a necessary part of doing business in Africa.
“We’ve had to be very proactive in understanding the regulatory landscape and ensuring that we’re fully compliant in each market. It’s not always easy, but it’s essential if you want to build a sustainable business in Africa,” he said.