Gionee eyes USD 1 billion of Revenue in India next fiscal year

After increased its smartphones sales in India, now China-based Gionee is targeting USD 1 billion here in next fiscal year, as per an Economic Times report. The company plans to expand its smartphone portfolio in India with the launch of dual-SIM 4G LTE smartphones, priced between INR 9,999 and INR 25,000. The device is expected to rolled out by August 15, available with support for 9 Indian languages, said Arvind Vohra, head of India operations.

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The company posted Rs 520 crore revenue in the first quarter of the ongoing financial year that started in April. If there’s a tailwind, the revenue should become higher. We are expecting Rs 3,000-3,500 crore by end of this (fiscal) year and aim to become a $1-billion company by end of FY16,” Arvind told ET.

According to market research firm Gfk, the company has a monthly marketshare of 3% in the country. “We are expecting 4% yearly marketshare by the end of this year,” Vohra said. Gionee is also developing its Android-based operating system AMIGO 2.0 for the Indian market.

To contact the author, email at sujata@iamwire.com.

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