A digital product company, Smartron is planning to expand its operations by investing Rs. 1,500 crore in the next two years, HBL reported.
Mahesh Lingareddy, Founder, and Chairman of Smartron said, "We have just closed a funding of ₹250 crore in March 2017. We are going to raise ₹600 crore this financial year to fund our expansion plans."
He said, "we are targeting a turnover of Rs. 1,000 crore this financial year." Adding that" we are going to set up a manufacturing facility in Hyderabad to manufacture smartphones, tablets, laptops, Internet of Things devices and electric vehicles and will invest about Rs. 500 crore in the facility.
Meanwhile, the company has signed a memorandum of understandings (MOU) with the Telangana Government to set up corporate headquarters and research and development (R&D) center.
"This office expansion and MoU signing are a step closer towards making Smartron a global product technology brand based out of India," the company said in a statement.
The company added that the expansion was a step towards building a stronger base to support R&D and innovation to create a smart product ecosystem.
"We are glad to be associated with the government of Telangana and we believe this association will bring a lot of strength and innovation to what we do," said Narsi Reddy Posham, Managing Director Smartron.
Cricket icon Sachin Tendulkar is Smartron's strategic shareholder and brand ambassador in the company.