Micromax Informatics Limited is planning to increase its sales by as much as 50 per cent in 2015-16 by focusing on the sub-Rs 7,000 smartphone market in India. According to the company, this market is growing two times the rate of growth of the overall smartphone market and it wants to tap this opportunity. Currently, in this market segment, about two million phones are sold in a month while there are about 10 million feature phones sold in a month.
In line with its present strategy, Micromax is planning to launch 15-20 devices in the mass market segment in 2015. A significant proportion of this will include 3G devices as it expects 3G services to become more pervasive after the recent spectrum auctions in the country.
Micromax is also under various levels of discussions to raise fresh funds. The company has stated that is looking for a strategic partner that can help the company build a service revenue stream, expand international operations and create disruptive products in the market. Earlier in March 2015, the company was reportedly in discussions with a group of investors led by Japan?s SoftBank to sell 20 per cent stake in the company.
