70,000 LeEco smartphones sold out in 2 sec on Flipkart

Chinese electronics company LeEco today sold 70,000 units of 4G Le 1s smartphones within two seconds of its sales started on ecommerce portal Flipkart.
"The response to Le 1s has been phenomenal. We had stock of 70,000 units for sale. The entire stock was exhausted within two seconds the sale opened," Le Ecosystem Technology India Chief Operating Officer Atul Jain told PTI.
Around 6.05 lakh buyers registered themselves to buy Le 1s -- the highest ever on Flipkart for any brand.
Flipkart Chief Business Officer Ankit Nagori said total registrations for Le 1s "have crossed previous records".
On having a low stock as against high number of registrations, Jain said all interests shown in the product do not get converted always into sale, which the company factored in while deciding on inventory.

"We have announced another sale for Le 1s on February 9. Those who could not buy it today can buy then. Based on response in India, we are confident that we will be among top three smartphone players in the country by the end of this calendar year," Jain said.

The company claims to sell Le 1s at no profit basis and is looking to monetise through its other products being offered through the device like content and cloud services.
"We are introducing zero profit model on mobile phones in India. It is because of our robust ecosystem model around internet, we have been able to negotiate bill of materials used in phone to the price at which we are selling. The same components in industry would cost at least Rs 16,042 in the industry," Jain said.

Le 1s features a metal unibody with a 5.5 inch full high definition display, 64-bit octa-core processor, 3GB RAM and 32GB internal storage. It has 13-megapixel rear camera, and 5-megapixel wide angle selfie camera.
The phone has a 3,000 mAh battery with fast charging support, which means a 5 minute quick charge can sustain 3.5 hours talk time.