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Chinese electronics major, iVOOMi announced an investment of Rs. 250 Crore for further strengthening its niche in the Entry level Smartphones segment in the Indian market.
The company focuses on strengthening its foothold in the market through strategic alliances with technology and retail giants.
The investment will be planned in two phases. In its foremost 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.
Mr. Ashwin Bhandari, CEO said, “We are glad to announce our investment plans for the highly competitive Indian market. With the significantly rising penetration of the iVOOMi smartphones, our mission is to establish iVOOMi as the most preferred Smartphones brand for the entry level Smartphone users. And we are predominantly focusing on delivering disruptive features and ultimate user experience to our users at a nominal cost.”
In its second phase of investment which will be in 2018-2019, the brand will focus on setting up R&D capacities, and will also expand the manufacturing capacity within India thereby supporting the Make in India initiative. Marketing activities will also play in imperative role in this phase of investment activity.
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.