Coolpad plans to invest $500 mn in India over next 5 years
Team Udayavani, Jun 26, 2019, 5:49 PM IST
New Delhi: Chinese smartphone maker Coolpad Technologies plans to invest USD 500 million (about Rs 3,500 crore) in India over the next five years to ramp up local manufacturing and push sales, a senior company official said on Wednesday.
“We are making plans for five years and not one or two years. Our plan is to invest USD 500 million over the next five years. It will be on materials, marketing, operations, expanding the sales team and after sales services,” Coolpad Technologies India CEO Fisher Yuan said on sidelines of an event to launch Coolpad Cool 3 plus smartphone models.
The company announced re-entry to online sales after a gap of around eight months with the launch of two variants of Cool 3 Plus smartphones for Rs 5,999 and Rs 6,499 per unit.
“This year we have achived sales of 1 million smartphones. With entry into online channels through Amazon, we expect to reach 3 million by the end of this year,” Coolpad India Online Business Head Pankaj Upadhyay said.
The company is also planning to double its reach across retail outlets in the country with a focus on the north and northeast region. It plans to sell phones made in India through its Noida-based electronic contract manufacturing partner MCM Telecom Equipment.
“We will start PCB (motherboard) level manufacturing in India of Cool 3 Plus from August and we will keep adding new models,” Yuan said.
He said the company is also getting ready with its 5G smartphones which will be launched early next year.
He said the company started investing in 5G technology way back in 2012 and has filed 800 patent applications for the next generation technology.
“We have been granted 120 device to device 5G patents. We are also in talks with Qualcomm and Mediatek on 5G technology in our smartphones,” Yuan said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
With just Rs 150 base airfare take a 50-minute flight
Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation
MUST WATCH
Latest Additions
Youth detained for Facebook threat to BJP MLA in Nashik
NE’s integration with rest of India happened under Modi govt: BJP chief Nadda
Congress spokesperson booked for alleged hate speech
BJP files complaint with EC against Sowmya Reddy, others for alleged violation of poll code
Siddaramaiah slams BJP candidate for visiting house of alleged police recruitment scam kingpin