Chinese smartphone maker India’s rapid pace of growth in financial year ended March 2018 has led to its revenue surging by 78% to cross the `,000-crore milestone in less than four years of its entry into the country.

Vivo, which is also the country’s third largest smartphone brand by shipment share, posted India sales of `11,179.3 crore in the fiscal ended March 2018, compared with Rs ,292.9 crore in 201-17. This is despite Vivo Mobile India’s net loss marginally swelling to Rs 120.5 crore in 2017-18 from Rs 113.9 crore in the fiscal before, as per regulatory filings made by the company.

Vivo’s financials are the first to be reported for last fiscal amongst the smartphone brands selling in India and highlights the growing dominance of Chinese brands in the market. Last fiscal, Chinese brands Xiaomi and Huawei had also intensified their India presence with the former getting into a neck-and-neck battle with Samsung for leadership, and Huawei strengthening its online-focussed Honor brand.

As per Hong Kong-based market tracker CounterPoint Research, the Chinese brands control 62% of the Indian smartphone market as of April-June, compared with 50% in the same yearago period. Incidentally, Vivo India did a trade channel correction last year reducing the number of exclusive stores and number of outlets selling its handsets, clamping down on indiscriminate expansion, reduced trade margin and decided to focus on online sales.

executives said Vivo is now localising its India team which was earlier mostly driven by Chinese expats. They said Vivo is also planning to launch a new brand exclusively for online like Oppo launched Realme and Xiaomi introduced Poco which will further drive its India sales.



Source link
thanks you RSS link
( https://tech.economictimes.indiatimes.com/news/mobile/vivo-india-revenue-surges-78---crore-mark-in-/65714143?utm_=RSS&utm_medium=ETRSS)

LEAVE A REPLY

Please enter your comment!
Please enter your name here