Micromax targets a third of Indian smartphone pie in two years

The company which claims to have clocked turnover of Rs 3,100 crore last fiscal, looking to grow 2.5 times by end of this financial year

Home-grown handset maker Micromax targets to capture about a third (about 33%) of the Indian smartphone market over the next two years. “We are already the No. 2 smartphone seller in the country. Now, we are more concerned about our growth rate in India and outside. We aim to have atleast a third of the Indian smartphone market in next two years,” said Rahul Sharma, co-founder, Micromax.

According to International Data Corporation (IDC) report on the Indian smartphone market for Q2 2013, Micromax increased in its market share from 18.8% to 22%. South Korean major Samsung Electronics holds the top slot with 26% share in the smartphone market in India, as per IDC. Karbonn is the third largest smartphone seller with 13% share. About 9.3 million units of smartphones were sold during the second quarter of 2013, IDC report added.

As part of its plan to increase marketshare, Sharma said, the company will launch about 20-25 new models across categories. Micromax sells about 7-8 lakh units of smartphones every month, he added. It sells about 25 lakh units of smartphones, feature phones and tablets together every month.

Micromax, which claimed to have clocked a turnover of Rs 3,100 crore last fiscal, is looking to grow 2.5 times by the end of this financial year. “We are on track to achieve the $1 billion target,” he added.

Micromax, which already has strong presence in Bangladesh, Sri Lanka and Nepal, is planning to enter Russia by December and Romania during the first quarter of next year, said Sharma, adding that the company is also exploring possible entry into the African market soon. “We are yet to take a call on this,” he added.

As part of its strategy to emerge as a global brand, it has recently roped in Hollywood actor Hugh Jackman as its brand ambassador. By March 2014, Micromax would spend about Rs 200 crore in promotions and advertising, he said.

On the retail front, it plans to add about 150 new exclusive experience zones across the country by March. At present, it has 50 such outlets in the country.