Chinese company 'Phicomm' to Invest $100 Million in India
China-based mobile handset maker Phicomm has entered Indian market with the launch of 4G smartphone on wednesday and will invest $100 million over the next three years on R&D and marketing.
"For the next three years, we plan to invest $100 million, including the local team, R&D centre and marketing," Phicomm CEO Min Zheng told PTI.
The company is also exploring manufacturing in India though the final call is yet to be taken.Zheng said the company is targeting the youth to expand presence to grab 5 percent share of mobile handset market in five years in the country.
"We have got IT, manufacturing and design, everything in-house, which gives us maximum flexibility to customise according to customers demands," Zheng said.
He said the firm can adjust as per market requirements and also control the cost as everything is in-house.
The company is planning to launch three-four devices this year in the price range of $200-300.The smartphone launched on Wednesday, the Phicomm Passion 660, comes with a price tag of Rs. 10,999 and will be available on Amazon from June 9.
"Indian smartphone market is constantly evolving and consumers are looking for unique smartphones with advanced features and high standards to gain the maximum experience.
Our strong in-house research and development team has helped in customising the smartphone especially for Indian consumers," Zheng added.