Chinese smartphones company, iVOOMi which entered Indian market recently with the launch of Me 1 and Me 1+ budget smartphones, starting at Rs. 3,999, has announced its plans to invest Rs. 250 crores in India to strengthen its hold in the fast growing market.
According to the company, the investment will be planned in two phases. In the first phase, the company will be investing in futuristic technologies to bring advanced products at an affordable price & will also focus on setting up its manufacturing capacity in India. The company also plans to invest in order to propel its online retail penetration across Tier – 2, 3, 4 towns in India through a series of strategic association with retail partners.
The second phase of investment will be in 2018-2019 for setting up R&D capacities, expanding the manufacturing capacity within India thereby supporting the Make in India initiative, adds the statement of the company.
The company has further stated that 60 percent of the total investment will be made towards R&D system in China in order to accelerate an end to end product development for the India market. The company is closely working with technology giants like Qualcomm, MediaTek, Spreadtrum, Intel, Samsung, Galaxycore, OmniVision, Asahi, DragonTail, BnK, in order to develop future-ready products for Smart users across Tier – 2, 3, 4 towns of the country.
By next quarter the company plans to launch an extensive portfolio of Smartphones in India with world-class features.
iVOOMi, holds a wide range of product portfolio spread across 5 categories with over 350 SKUs selling across 30 countries. Apart from Smartphones, the company also plans to introduce 3 new product categories including Smart Devices, Smart Accessories and Personal Care electronics this year in India.