Lava eyes 10% smartphone market in 2 yrs with investment of Rs 600 crore
Home-grown mobile devices maker Lava International expects to capture 10 per cent market share in under Rs 30,000-priced smartphone segment on account of up to Rs 600 crore investment in product development and marketing in the next two years, a senior company official said.
Lava International President Sunil Raina told PTI that at a time when several Indian mobile phone companies succumbed to the pressure of aggressive pricing of foreign players around 2016-17 coupled with challenges posed by demonetisation and GST implementation, Lava focused on its core strength and re-worked on the growth strategy. The company relaunched its smartphone business with a small pause with focus on customer experience around devices and providing repair service at home, Raina said. He said that the company has realised that technology has to be competitive for growth along with visibility.
Lava also plans to strengthen online business to meet its target. “Online earlier used to account for 10 per cent of our total sales. Now online contributes 25 per cent of our total which we will grow further,” Raina said.
