Chinese smartphone maker Comio has announced a mega investment of Rs 500 crore in the Indian market by the end of this year, a senior company official said.
Comio will invest Rs 250 crore in marketing, another Rs 150 crore in R&D and manufacturing, and Rs 100 crore for sales and distribution in the Indian mobile phone market till December 2018, Comio India CEO and Director Sanjay Kumar Kalirona said.
Launched in China in 2015, Comio is a smartphone subsidiary of Topwise Communications. The company started their operations in India in May 2017 and launched its products in India in August 2017, he said.
The company caters to the highest growing group (mid-level segment) priced from Rs 6,000 to Rs 12,000, he said. By 2018-19, Comio is expecting 10 per cent market share in the mid-segment category in the Indian mobile market, he said.
Currently, Comio is getting their products manufactured from a third-party contract manufacturer, thereby, supporting ‘Make in India’ through local manufacturing, he said. Comio plans to set up their own manufacturing unit within this year and R&D within this quarter, he said.