new Delhi. Domestic electronics brand Micromax on Friday unveiled a new smartphone sub brand ‘In’. The company has said that it will soon introduce a new range of products under the new sub-brand. In a statement, the company said, Micromax plans to invest Rs 500 crore in order to re-enter the smartphone segment and give a tough fight to Chinese companies like Xiaomi. Its goal is to produce products for the new age consumers of the country.
The Ministry of Electronics and IT last week approved several non-Chinese companies, including Micromax, to manufacture mobile phones in the country under the government’s Production-Linked Incentive (PLI) scheme. Micromax has manufacturing facilities at two locations Bhiwadi and Hyderabad. The brand has the capacity to produce more than 2 million phones per month.
The Micromax brand is also working on strengthening its already established retail and distribution network. Currently, the company has a retail presence in the form of more than 10,000 shops and more than 1,000 service centers. Micromax co-founder Rahul Sharma said that the demand for smartphones manufactured by Indian companies is very high and their demand has increased after the India-China tension.
Sharma said that with the new brand we want to comeback with a complete strategy. Our products will be equipped with new features. We will invest 500 crore rupees over the next 12 to 18 months to enhance R&D, marketing and manufacturing.
Micromax was once the market leader, but Chinese companies such as Xiaomi, Oppo and Vivo captured the market with their aggressive price smartphones and large marketing expenses. However, the market share of Chinese smartphone brands declined to 72 percent in the June 2020 quarter from 81 percent in the previous quarter due to supply constraints and anti-China sentiment due to Kovid-19.
Sharma said that our goal is to re-establish India on the global smartphone map with India-made mobile phones. He said that we will launch smartphones in the range of 7000 to 20000 rupees and will also enter the premium segment.