Micromax eyes entry into billion dollar revenue club
New Delhi: Fresh from a management rejig and a shift in strategy to enhance focus on smarter devices, homegrown handset maker Micromax is now looking at joining the billion dollar revenue club in the next few years.
The company recently roped in senior executives from Airtel, HTC and Sony Ericsson to strengthen its management and consolidate its position in the Rs 30,000 crore domestic handset market.
"Our endeavour in the coming months would be to join the billion dollar club. I can't give a specific timeframe as of now as we are still working on it," Micromax CEO Deepak Mehrotra told media.
The company's revenue stood at Rs 2,400 crore (about USD 453 million) for the financial year ended March 2011.
According to a CyberMedia study, Nokia had revenues of Rs 12,929 crore, while Samsung had revenues of Rs 5,720 crore in FY2010-11.
Mehrotra's last assignment was at Bharti where he served as the operations directors - mobility business.
The company has also formed two separate divisions --smartphones and feature phones -- to consolidate its position in the Indian handset market.
It has also appointed Ajay Sharma from HTC and Khaja Muzaffarullah from Sony Ericsson to head the smartphone and feature phones division.
"The idea is to have as extensive a portfolio as possible in terms of both features and price points. We believe the new team will help us with this vision and definitely help us grow the business further," Mehrotra said.
The company, which has close to 10 percent market share as per independent estimates, is also looking at increasing its market share through these changes.
"These are exciting times not only for the brand but for the industry as a whole. We are witnessing technology advancements every day and with the industry is growing at a rate of 12 percent, we would like to capture this opportunity and drive the next phase of growth for the brand," Mehrotra said.
The idea is to further leverage the brand's success and get a significant double digit market share, he added.