Home
Mobiles
Mobiles News
Micromax Plans to Enter China's Smartphone Market Next Year

Micromax Plans to Enter China's Smartphone Market Next Year

By Ketan Pratap | Updated: 3 June 2016 14:23 IST

Highlights

Vikas Jain also revealed plans to go public to raise money for services.
Micromax aims to become fifth largest smartphone vendor.
The company is expected to enter the China market in 2017.

Indian domestic handset manufacturer Micromax has plans to enter the Chinese smartphone market next year, Co-Founder Vikas Jain confirmed.

Speaking at the Rise technology conference in Hong Kong, Jain also hinted that it may go public in two years which will help Micromax raise money for adding various services to its ecosystem. WSJ reports that Micromax's move to enter a new market may be because its dwindling market share in India, shrinking due to competition from Samsung and Chinese vendors.

Jain revealed that Micromax plans to become the world's fifth largest smartphone manufacturer in terms of units sold by 2020. "Micromax plans to raise money in the next two years from private investors or by going public," notes the report.

Micromax is looking to generate cash to basically fund its acquisitions of companies such as TranServ which helped company integrating the Udio wallet in the recently unveiled Yunicorn smartphone. Jain said, "The company can't do that without more cash coming in."

Apart from India, Micromax operates in Russia where it is the third smartphone vendor in the country. The expansion to Chinese smartphone market will offer the company opportunity to become one of the top smartphone five vendors worldwide.

For the Indian market, Micromax had told Gadgets 360 in March that they will be aggressive in their online smartphone strategy this year.

IDC (International Data Corporation) last month reported that shipments of Micromax saw a drop as the company struggled to push its inventories into the market. According to IDC, Micromax retained second spot in Q1 2016 with a 12.6 percent market share. The domestic maker however reported a 6.9 percent growth over the same period last year but the shipments were said to fell 17.9 percent sequentially for the second consecutive quarter.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: IDC, Micromax, Mobiles

Ketan Pratap

Email Ketan

Ketan Pratap is the editor at Gadgets 360 - with over 12 years of experience covering the technology domain. With a breadth and depth of knowledge in the field, he's done extensive work across news, features, reviews, and opinion pieces. But what's truly inspiring about Ketan is how he spends his free time. He's often found gazing at snow-capped mountains from over 20,000 feet while sitting on the hood of his car, taking in the breathtaking beauty of nature. His passion for the great ...More

Five Best Apps for the Chef in You

Uber Seeks to Overtake China Market Leader Didi in 2017

Micromax Plans to Enter China's Smartphone Market Next Year

Related Stories