LeEco files for FIPB application
Strengthening its foothold in India, LeEco, has filed an application with the Foreign Investment Promotion Board (FIPB) for under taking single brand retail trading of electronic products both through brick and mortar stores and e-commerce portal. The company has also sought relaxation from the 30% domestic sourcing rule so that it can bring in “cutting edge technology” and “state-of-the-art” features to Indian consumers.
The technology and internet giant which entered the India market early this year in January, introducing its unique Ecosystem model and launching its two Superphone models- Le 1s and Le Max, has received a great response from industry as well as consumers in a short span of time. Owing to its breakthrough technology, disruptive pricing and comprehensive vertically integrated ecosystem, the brand has created ‘market disruption’ in true sense, which is also evident from the milestones its Superphones have created in the industry.
With plans to open fully owned exclusive retail stores in top 8 to 10 cities, starting with New Delhi, Mumbai, Bengaluru, LeEco plans to display its entire Ecosystem ranging from phones, TVs, VR Headsets, Bluetooth devices and power banks. Additionally, the company will also open 500 franchise stores to ensure its consumers can experience their breakthrough products and unique content integrated offerings across its device ecosystem.
“India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. We are committed to offering our users cutting edge technology at disruptive prices. We have received a great response from consumers so far for our Superphones and now plan to strengthen our presence in the market by opening our own stores and e-commerce portal to offer our users the best-in-class experience”, said Atul Jain, COO, Smart Electronics Business, LeEco India.
“We at LeEco are also aligned with the Government’s Make in India initiative and also plan to start manufacturing in India very soon”, he added.
Earlier this month, the global player also announced setting up in-house Content Delivery Networks (CDNs) in 10 cities across India by end of 2016, making a significant investment of over 10 million USD to set up this CDN/cloud infrastructure. Offering consumers a comprehensive Ecosystem, which is unique to the company globally, LeEco plans to replicate its successful model in India. Also, LeEco had shared its plans to set-up our R&D centre in Bangalore with a staff of 1000 employees by the end of 2016.
LeEco has a comprehensive ecosystem model globally consisting of devices, content, cloud and a user interface platform, which clearly sets apart the company in the technology and internet space in India as well. The LeEco devices connected by Le Ecosystem are the company’s biggest differentiator.