iVOOMi enters India with its new manufacturing unit

Just yesterday, the Chinese electronic company iVOOMi launched two new affordable smartphones Me 1 and Me 1+. Me 1 is priced at Rs. 3,999 onwards whereas, the largest version Me 1+ is sold at Rs. 4,999. Both the devices are available online on ShopClues.

Ashwin Bhandari, CEO, iVOOMi, India says, "We are currently manufacturing phones in the country with our partner Foxconn, but we will manufacture handsets in our own manufacturing unit by mid of 2018." He even told that this week they are rolling out 50,000 smartphones in their first batch, which are being manufactured in India. They are not the first Chinese players to invest in India.

Like other Chinese manufacturers such as Xiaomi, Oppo, Gionee, and Itel, even iVoomi is now investing $50 million which comes to approximately Rs. 300 crore in India to set up a new manufacturing unit and R&D facility.

The company said that they are focusing on Tier 2 and Tier 3 segments in India, and targeting 3-4% market share by mid-2018.

Bradley Yan, Global Business Head, iVoomi gave away some information regarding this in Financial Express. He said that the company is still evaluating the manufacturing unit location, and will finalize it by this August.

Yan also shared that factory will be large enough to have 5 million devices a year, and all of its models will be manufactured in India itself. So, the company will have nearly 150 employees by the end of this year.

Reports say that 37 mobile manufacturing companies have already invested in India in just one year. It includes popular brands like Xiaomi, Vivo, Gionee, Jivi, and itel. Henceforth, the Chinese companies comprise nearly 46% market share in India as on March 2017.