Mumbai: Domestic mobile phone maker Maxx Mobile is aiming to more than double its revenues to Rs 650 crore this fiscal as it launches about 500 models of feature phones, smartphones and tablet PCs in the Indian market.
The company, whose revenues stood at Rs 234 crore for the fiscal ended March 2013, is looking at introducing 250 models of feature phones, 200 models of Android operating system- powered smartphones and 50 variants of tablet PCs.
"We have been witnessing strong growth of 25 percent in sales month-on-month. Maxx recently changed its strategy and we are looking at launching close to 500 models of smartphones, feature phones and tablet PCs across various price points in the Indian market," Maxx Mobile Chairman and Managing Director Ajjay Agarwal told PTI.
At any point in time, Maxx will have 75-85 models (of phones and tablet PCs) in the market and the portfolio will be refreshed regularly to offer customers choice at affordable price points, he added.
Agarwal said the company has already launched 40 models in the first quarter of this fiscal and will launch the same number of devices in the next 60 days.
"Our mobile phones are priced between Rs 900-16,000. We will launch a new tablet PC priced at about Rs 5,000 next week, while another powerful device priced at about Rs 8,000 will be introduced by the end of the month. The focus is on the sub-Rs 5,000 category and we want to offer the best devices to customers at the most affordable price points," he said.
The company, which sells smartphones under 'Race' brand name, already has 35 models in the market and is looking at increasing this to 60 by next month.
"The market is moving towards smartphones. With our strong portfolio of products, we are confident of more than doubling our revenues to Rs 650 crore this fiscal," Agarwal said.
Maxx will also start production of handsets in its facility in Haridwar later this month. The plant has been set up with an investment of Rs 300 crore.
"We will manufacture smartphones and tablet PCs at the facility and will continue to import feature phones. In the next six months, the plant will start manufacturing 10,000 units a month, which will be later ramped up to 500,000 by April 2014. This will require an additional capex of Rs 100 crore," he said.
The funding is being done through internal accruals, loans and investment from private equity. In 2010, Star Asia Holdings had picked up 16 percent stakes in the company.
The company had also extended its contract with cricketer M S Dhoni to be Maxx's brand ambassador in December 2010. "We continue to work with him. We will soon bring out some ads featuring him...The marketing budget for this year is about Rs 50 crore," he added.
Dhoni had signed a Rs 29-crore endorsement deal with Maxx Mobile for a period of seven years in December 2010.
First Published: Sunday, July 14, 2013, 12:57