Chennai-based Elite Elevators targets Rs 600 Cr revenue with Nibav Home Lifts

Vimal R Babu, CEO of Nibav Home Lifts (part of Elite Elevators), says the company, founded in 2018, thrives on three core principles—people, purpose, and passion. Its mission is clear: to bring innovative home elevators, not just as a convenience but as a means to improve lives.

Fast forward to 2023, and the company as a whole has sold over 2,000 elevators in around 14 countries, including India, and has generated a revenue of Rs 119 crore as of FY23—close to a 3X jump from FY22, where the company made around Rs 42 crore. At present, the company's revenue by order value stands at Rs 395.21 crore. 

However, it's not just about the numbers. Bootstrapped since inception, its innovative design and manufacturing of vacuum lifts make Nibav Lifts one of the first to receive European standard certification.

"In the realm of elevator manufacturing, ensuring safety measures is paramount. When we introduced our innovative product to international clients, it came as a pleasant surprise to them as to how an Indian company is bringing such a product," Babu shares in a conversation with SMBStory.

“While India is a manufacturing hub, globally, it is not recognised for its safety standards, and this is what we are aiming to change,” he adds. 

Lifts that blend with interiors

The CEO’s tryst with entrepreneurship is not new. Before Nibav, Babu was a director at family-run Nibav IT Solutions Ltd (later Elite Elevators) in 2008. The company manufactures commercial and residential lifts.

“The need to start Nibav arose when we were looking for an aesthetically pleasing lift for our own home. The one that could not only blend with the interiors but is also safe. However, we didn’t find anyone playing in the space. Since we had the background in the same industry, we thought of foraying into this new space,” Babu says. 

Nibav Home Lifts manufactures vacuum lifts. They are different from regular lifts as they don't use cog belts and have a strong structure that holds them up. As such, there’s no need for any construction work to install them. 

Babu explains, "There’s no need to build any side wall, column, beam or even a supporting structure. Since the shaft and the cabin are engineered and manufactured in the same facility, we are able to achieve maximum shaft-to-cabin space for the elevator."

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Making in India for the world

Nibav operates a manufacturing plant in Chennai, alongside two smaller assembly stations in Canada and Australia. Babu says, "Because every elevator we make is tailored to fit the specific needs of our clients, we have separate assembly units to send the elevators to different places on time."

Once a customer places an order, it usually takes between 2.5 and 3 months for the company to deliver the end product. The prices of Nibav Home Lifts start from Rs 9.9 lakh and go up to Rs 28 lakh, varying according to the country. At present, Nibav Home Lifts has a presence in countries like Malaysia, Australia, Canada, etc. 

Babu notes that about 70% of the raw materials used to make these vacuum elevators are sourced locally in India, while a few are brought from Spain. This mix allows Nibav to maintain a balance between local resources and international imports in its production process.

According to a Technavio report, the elevator and escalator market in India is estimated to grow at a CAGR of 8.9% between 2022 and 2027, and the market size is forecast to increase by $784.24 million. 

In India, Nibav competes with Stag Elevators, CIBES Lifts, etc. Babu sees immense potential to grow in this market, and Nibav’s target customers are those who have a multistorey home or are planning to upgrade their living space. 

By October 2023, Nibav has ambitious plans to enter the US market, marking a significant milestone that will propel the company towards its goal of achieving a revenue exceeding Rs 600 crore. As per Babu's assertion, Nibav Home Lifts presently holds a market share of 35% in India.

Discussing the challenges and future prospects, Babu emphasises his desire to reduce the cost of lifts for customers, and the company is actively engaged in research and development to achieve this, although it poses a considerable challenge. 

In fact, Nibav has introduced financing options for customers, aiming to make these innovative products more accessible to a wider audience.

(The copy was updated with updated revenue by order value shared by Nibav.)