Chinese smartphone maker Comio to invest Rs. 500cr in India
Chinese smartphone maker Comio will invest Rs. 500cr in the Indian market by the end of this year. A smartphone subsidiary of Topwise Communication and launched in China in 2015, Comio will invest Rs. 250cr in marketing, Rs. 150cr in R&D, and Rs. 100cr for sales and distribution in India's mobile phone market until Dec'18, Comio India CEO and Director Sanjay Kumar Kalirona said.
Comio started their India operations in May'17 and launched its products in Aug'17. Its products cater to the highest-growing group (mid-level segment) priced from Rs. 6,000 to Rs. 12,000. By 2018-19, Comio is expecting 10% market share in the Indian market's mid-segment category. Currently, Comio gets its products manufactured by a third-party contractor but plans to set up its own manufacturing unit this year.