Symphony Limited, an Ahmedabad-based Indian multinational, has grown from a dinner table idea into the world’s largest air cooler manufacturer since its founding in 1988. Operating in over 60 countries, the company’s journey through innovation, failure, and global expansion offers a compelling narrative of resilience, strategic pivots, and the pivotal role of intellectual property in its success. As of May 27, 2025, at 3:25 PM IST, Symphony continues to thrive as a global leader with a market capitalization of around Rs 6,300 crores.
The Dinner Table Inception
In the summer of 1987, Achal Bakeri, then 27, and his father, Anil Bakeri, a construction magnate, were discussing the air coolers in their new Ahmedabad home. Designed to cool high-ceilinged spaces unsuitable for air conditioning, the coolers were effective but noisy and unsightly. Achal’s complaints led his father to challenge him: “Why don’t you make a better one?” This sparked the creation of Symphony. Achal, opting out of the family’s real estate business, founded Sanskrut Comfort Systems Ltd. (SCS) in 1988, launching the Symphony brand with a vision to revolutionize air cooling.
Initial Success: Redefining Air Coolers
With minimal knowledge of air coolers, Achal researched by dissecting market models, collaborating with technicians and engineering professors. In 1988, Symphony introduced a sleek, plastic air cooler resembling an AC, designed by NID alumni Dinesh and Rashmi Korjan. Launched in Gujarat and Madhya Pradesh, the product—priced at Rs 4,300—was lightweight, portable, and far cheaper than a 1.5-tonne AC, yet double the cost of traditional metal-sheet coolers. Backed by a high-end ad campaign featuring artworks by Van Gogh, Picasso, and Rodin, the first batch sold out by summer’s end, exceeding expectations. By 1994, Symphony moved from a basement to a factory, went public, and listed on the Bombay, Ahmedabad, and Delhi stock exchanges, capitalizing on India’s liberalization era when air coolers became a middle-class status symbol.
Bold Moves and a Costly Diversification
To counter the seasonal nature of air cooler sales, Symphony diversified in the late 1990s into geysers, washing machines, room heaters, water purifiers, exhaust fans, and flour mills. Renamed Symphony Limited, the company aimed to leverage its brand and distribution network. However, this expansion misfired. Technical flaws, uncompetitive pricing, and inadequate sales strategies led to failure against competitors like Usha, Videocon, and Bajaj Electricals. New products didn’t resonate, and by 2000, Symphony faced mounting debt and near bankruptcy, filing with the Board of Industrial and Financial Reconstruction (BIFR).
Failure and Revival: A Strategic Pivot
Between 2002 and 2009, Symphony refocused on air coolers, exiting all other categories to preserve working capital. The company introduced innovative models priced from Rs 5,000 to Rs 20,000, featuring touch sensors, mosquito repellents, and air-cleaning technologies. This asset-light approach, coupled with a BIFR reprieve from creditors, allowed Symphony to rebuild. A key shift in strategy from “one market, many products” to “one product, many markets” marked its revival. Symphony began exporting air coolers from India, later acquiring struggling companies in Mexico, China, and Australia, increasing its scale and wiping out losses. By 2009, the company exited BIFR, having turned around its fortunes through focused innovation.
Acquisition of IMPCO: A Game-Changer
In 2009, Symphony acquired International Metal Products Co (IMPCO), a U.S.-based company that invented the air cooler in 1939, for Rs 3.25 crore—a steal for a then-loss-making business. IMPCO held a wealth of intellectual property assets, including numerous designs and patents for air coolers, reflecting its legacy as the pioneer of the technology with various improved designs over the decades. Symphony gained full access to this IP portfolio, which included innovative cooler designs and patents that enhanced its product offerings. IMPCO’s manufacturing facilities in Mexico were revitalized by Symphony’s asset-light model, which involved selling off its factory—now prime real estate—and outsourcing production. Within a decade, IMPCO generated $100 million in sales and Rs 100 crore in profits, per Achal Bakeri. Starting in 2011, Symphony leveraged IMPCO to import industrial coolers from Mexico to India and export residential coolers from India to Mexico, expanding into the commercial and industrial cooling market.
Immense Global Success
Symphony’s acquisitions didn’t stop with IMPCO. In 2015, it acquired China’s Keruilai, followed by companies in Australia, cementing its position in over 60 countries. Today, Symphony dominates with a 50% market share in India’s organized household air cooler sector and serves industrial clients globally, cooling supermarkets, warehouses, and factories—even in Russia, where Achal humorously notes the need for cooling above 20°C. Innovations like the Duet tabletop cooler, app-controlled Diet 3D 55i+ models, and a Disney-themed kids’ cooler collection have kept Symphony ahead. During the COVID-19 pandemic, its direct-to-consumer (D2C) business surged, and in 2022, a collaboration with Disney further expanded its reach. Despite challenges like the Russia-Ukraine war impacting supply chains, Symphony continues to grow, recently establishing a subsidiary in Brazil and expanding in the U.S. and Europe.
Lessons Learned: Resilience and Strategy
Symphony’s journey underscores the importance of resilience and strategic focus. Achal’s reflection, “The lessons that failure can teach can never be taught by a lifetime of success,” highlights how setbacks shaped the company’s turnaround. Overexpansion taught the value of focusing on core strengths, while the “one product, many markets” strategy enabled global growth. Symphony’s turnaround of acquired companies mirrors its own recovery, emphasizing adaptability and innovation as key to overcoming adversity.
The Role of Patents in Success
Intellectual property has been central to Symphony’s dominance. With 419 trademarks, 82 registered designs, 20 copyrights, and 51 patents, the company safeguards its innovations, from touch controls to air-cleaning technologies. The acquisition of IMPCO and Keruilai brought additional patents, enabling Symphony to tailor products for global markets while protecting its designs from imitation. This IP strategy has ensured Symphony’s competitive edge, allowing it to maintain market leadership and expand into industrial cooling.
Conclusion
From a 1987 dinner table conversation to global leadership by 2025, Symphony Limited’s story is a remarkable tale of innovation, failure, and resurgence. Achal Bakeri’s vision, paired with strategic pivots and a robust IP framework, transformed Symphony into a worldwide icon. As it continues to cool spaces across 60 countries, its legacy inspires as a chapter in Stories Behind Brands: Symphony.
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Source: https://www.linkedin.com/pulse/stories-behind-brands-symphony-limited-dr-mohan-dewan-e8t3f/