LeEco eyes FIPB approval in 2-3 months to open stores

Chinese electronics firm LeEco is hopeful of getting FIPB approval in two-three months to launch its own stores in the country, a top official said today.
"We applied for it (permission) about three weeks back. We have had one meeting with the government after that, which has been very positive. So, we are hopeful that in the next two-three months, we should get it," LeEco India Smart Electronics Business Chief Operating Officer Atul Jain told PTI here.
Last month, the smartphone maker had filed an application with the Foreign Investment Promotion Board (FIPB) for undertaking single brand retail trading of electronic products both through brick-and-mortar stores and e-commerce portal.

The company today launched its Le 1s Eco smartphone at an introductory price of Rs 9,999.
It will have a flash sale on May 12 and the company aims to sell 1 lakh units on Flipkart.
"We are hopeful of achieving it. After the flash sale also, we will be selling the phone but the quantity will depend on the response that we get," Jain added.

Le 1s Eco supports nine Indian languages -- Hindi, Tamil, Telugu, Punjabi, Marathi, Gujarati, Kannada, Malayalam and Bengali.
The company has partnered with ErosNow, YuppTv and Hungama Music to stream content.
The Le 1s Eco phones will come with an app called Le Vidi, powered by ErosNow, which allows users to watch movies, while Le Live powered by Yupp TV allows users to watch live TV.

Both the services will be available from May 24.
It has tied up with Hungama Music which offers over 3.5 million songs in 25 languages and this service will be rolled out in the third quarter of 2016.
LeEco has sold 4 lakh phones since entering the country this year, of which flash sales accounted for 50-55 per cent of the total sales.
LeEco currently sells phones through the online route but Jain said in the next two months, they will be available in multi-brand outlets as well.
Additionally, users on buying any of the Super3 TVs on
either Lemall.Com or Flipkart will get 2 years LeEco Subscription at no extra cost. Through this membership, users get access to one of the largest content libraries in India that offers over 2000 Full HD/HD films from Hollywood and Bollywood, more than 100 satellite TV channels, 3.5 million songs (coming soon by software upgrade), and more than 50 live concerts.

The current offers and deals are valid for a limited period and will be available on LeMall.Com and Flipkart from October 2 to 6.
LeEco has already notched impressive records soon after launching its TVs in India. During the first flash sale, the Super3 TV series managed to sell more than 1500 units in just 3 minutes. On the very first day of online pre-sale period, LeEco took the number one spot in the 55-inch and above TV category. Not just this, LeEco's ecosystem-enabled TVs have also emerged as the Numero Uno brand in the 4K TV category in India. In a short span of time, LeEco SuperTVs have managed to get over 4600 sales order, which is 20 times higher than the industry average in 55-inch and above market.

The Super3 TV comes with a strong all-metal body that exudes elegance and sophistication and all of them come with a 4K Ultra HD display that ensures a crystal-clear viewing experience.
About LeEco:
LeEco, formerly known as Letv, is a global pioneering
Internet and technology company with multiple Internet ecosystems across content, devices, applications and platforms. Founded in November 2004 by Jia Yueting and Liu Hong, LeEco employs more than 10,000 people and is the world's first video company to go public with a market capitalization of more than $12 billion USD. Headquartered in Beijing, China, it has regional headquarters in Hong Kong, Los Angeles and Silicon Valley.

With 'Complete Ecosystem, Groundbreaking technologies, and Disruptive Pricing' as the guiding principle, LeEco is engaged in a myriad of businesses, spanning from Internet-based Super TV and Superphones, video production and distribution, smart devices/accessories and large-screen applications, to e-commerce and even connected super-electric cars. The company also features one of the world's largest content libraries, comprising of movies, TV dramas, entertainment shows, sports and music, which can be conveniently viewed on LeEco products, including the Superphones, Super TVs, and in the near future, Le Autos. Breaking the barriers of industries, LeEco provides personalized products and services for an enhanced user experience at disruptive prices.

Media Contact:
Aaron Samuel
LeEco, India
Aaronsamuel@le.Com
+91-9686100143
Source: Le Ecosystem Technology India Pvt. Ltd.