Micromax announced its return to the India market with its “In” range of smartphones. Co-founder of the home-grown company, Rahul Sharma, shared the news on Twitter via a short video.
The company went out of business after Chinese smartphones took over the industry by reducing smartphones prices. It was the inability of the Indian brand to adapt to a dynamic market, which made it difficult for Micromax to fight competition, and eventually, it shut shop.
However, following the Atmanirbhar Bharat call given by PM Narendra Modi the company decided to launch a range of smartphones and has made significant changes in its business strategy.
"We will only come out with performance-oriented products. You won't see phones worth Rs 3000, Rs 5000 from Micromax anymore," Sharma shared in the video.
The company is expected to launch phones next month -- both online and offline -- priced between Rs 7,000, Rs 10,000 and Rs 20,000.
The company has invested around Rs 500 crore on expanding local manufacturing and research and development.
Sharma added that the company’s internal fund accumulation has been good and it plans to raise money at the right time. "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," he added.
India Cellular and Electronics Association (ICEA), the apex industry body for mobile and electronics said that Micromax had committed investments worth Rs 11,000 crore under the production-linked incentive scheme (PLI).
The association had announced in August that major global players like Samsung Wistron, Pegatron, Hon Hai, and Foxconn and Indian companies like Micromax, Lava, Dixon, Sojo, among other players had applied for benefits under the PLI scheme.
Under the National Policy on Electronics (NPE) 2019, the government introduced the PLI scheme intending to position India as a global hub for Electronics System Design and Manufacturing (ESDM).
Micromax is expected to venture into other products such as air conditioners.