Mobile phone maker Lava International on Thursday said its revenue crossed $1 billion (around Rs 6,300 crore) in fiscal year 2014-15, registering a growth of over 100 per cent over the previous financial year.
Catering to a vast market segment of smartphones, the company sold more than 26 million handsets and the growth has been fuelled by a three-fold increase in the smartphone segment in comparison to fiscal 2013-14 with significant contribution coming from international markets, the company said in a statement.
The company said it is expanding in global markets in a big way. The company that was present in eight markets last year including Bangladesh, Myanmar, West Asia, Nepal and Thailand, will now start catering to markets like Indonesia and Mexico, it said.
The brand is amongst the top three smartphone players in Thailand, it added.
"The entire value chain is working with ownership to achieve one goal, that is, to become a global consumer brand from India. As we move forward, we will continue to provide innovative products & services to empower people to do more, be more," Hari Om Rai, Chairman and Managing Director, LAVA International, said.
Pursuing its plans to manufacture products in India in line with the ‘Make in India’ initiative, the company has commissioned its assembly line in North India which will be scaled up in this FY. It also announced a phased wise investment plan of INR 1,200 crore for manufacturing and plans to hire 7,000 people in current year to strengthen its business.
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