 "China-based iVOOMi eyes India's smartphone market, to invest Rs 250 cr")
Chinese electronics firm iVOOMi on Thursday announced to invest Rs 250 crore to further strengthen its entry-level smartphones segment in the country.
The investment will be done in two phases. In the first phase, the company will invest in futuristic technologies to bring advanced products at an affordable price and will focus on setting up its manufacturing facility in India.
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 the country.
"With the significantly rising penetration of the iVOOMi smartphones, our mission is to establish iVOOMi as the most preferred smartphones brand in the entry-level segment," said Ashwin Bhandari, Chief Executive Officer, in a statement.
The company is working closely with technology giants like Qualcomm, MediaTek, Spreadtrum, Intel, Samsung, Galaxycore, OmniVision, Asahi, DragonTail and BnK to develop future-ready products for users across tier II, III and IV towns in the country.
It also plans to launch an extensive portfolio of smartphones in India with world-class features by the next quarter.
Apart from smartphones, the company also aims to introduce smart devices, smart accessories and personal care electronics this year.