Co-founder of the homegrown company Micromax, Rahul Sharma, shared the news of the company’s return to the Indian market on Twitter through a short video. Micromax is preparing to make a comeback into the Indian market by launching its “IN” range of smartphones that are reported to be priced between Rs 7,000 to Rs 20,000.
The company went out of business when the Chinese smartphones took over the market with unbelievably low prices. The company was not able to adapt to the dynamic market and hence it was difficult for them to compete and so they shut down their production.
— Rahul Sharma (@rahulsharma) October 16, 2020
The decision to make a comeback came after the Aatmanirbhar call given by Prime Minister Narendra Modi to the citizens of India. The company has decided to launch a range of smartphones with necessary significant changes as a part of its business strategy.
Rahul Sharma said, “We will only come out with performance-oriented products. You won't see phones worth Rs 3000, Rs 5000 from Micromax anymore.” The company’s phones are expected to launch in the next month, both online and offline. The company has invested around Rs 500 crore in expanding local manufacturing and research and development.
Rahl Sharma furthermore added that the company’s internal fund accumulation has been remarkable and they expect to raise the funds at the right time. He said, “The new PLI scheme balances out foreign and Indian players. The support of 6 percent is big, and with the government support, we will be able to fight Chinese brands fiercely on the pricing front.”
India Cellular and Electronics Association (ICEA) is India’s top industry body for mobile and electronics. ICEA said that Micromax had invested an amount of Rs 11,000 crore under the production linked incentive scheme (PLI). ICEA had announced in August that global players as well as Indian companies had applied for benefits under the PLI scheme.