Micromax is back in Indian smartphone business.
- Micromax, which is headquartered in Gurugram, Haryana founded by Rahul Sharma was once, the largest budget-friendly handset manufacturer by market share. But as Chinese phones emerged in India and rang louder, Micromax started to see a decline in its profit.
- Chinese smartphones brand such as Xiaomi, Vivo, and Oppo launched smartphones in the same budget segment as Micromax. This resulted in a steep decline in Micromax’s revenues.
- Micromax on 16th October 2020 made an announcement on Twitter stating plans to make a comeback in the Indian smartphone market.
- Micromax will launch a new brand ‘IN’ in its smartphone segment.
- The new smartphones will be in the range of Rs.7000- Rs.15000.
- The entire lineup of the ‘IN’ series will be available before the end of the year 2020.
- Micromax to invest ₹500 crores in manufacturing and research and development (R&D) activities.
- Micromax to take advantage of Production-linked Incentive(PLI) which was introduced by the Government of India under National Policy on Electronics(NPE).