Micromax Targets $1 bn Revenues by 2014; To Start Local Manufacturing

Homegrown cell phone company Micromax, which recently announced plans to go international is looking to clock more than $1bn in revenues in FY2014.micromax_iphone_ad_thumb.jpg

“We closed last year at about Rs 3,168 crore and we are looking to double that this financial year. We are on track to be a billion dollar company by FY 14,” Rahul Sharma, the co-founder of the company told news agency PTI (source).

The Indian cellphone company will assemble phones in the country by the first quarter of 2014, according to a new report. The company, which primarily imports devices from China, has 400 employees in the Rudrapur plant.

“We have a plant in Rudrapur and have already started assembling of phones on trial basis there. It will be commercially launched in the first quarter of next year,” Sharma told the news agency.

Sequoia backed Micromax has the second largest smartphone market share in India with 18% of overall share. The company has plans to launch in Russia and surrounding regions before going into Europe. Going international might prove tricky for Micromax, which could get caught up in a nasty patent brawl.

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