LeEco has filed an application with the Foreign Investment Promotion Board (FIPB) for undertaking single brand retail trading of electronic products both through brick and mortar stores and e-commerce portal, to strengthen its foothold in India. The company has also asked for relaxation from the 30% domestic sourcing rule so that it can bring in “cutting edge technology” and “state-of-the-art” features to Indian consumers quickly and easily.
LeEco entered the Indian market earlier this year in January, with the introduction of its unique Ecosystem model and launch of Le 1s and Le Max. They have received a great response from the industry as well as consumers so far, according to the company. With plans to open fully owned exclusive retail stores in top 8 to 10 cities, starting with New Delhi, Mumbai, Bengaluru, LeEco plans to display its entire Ecosystem ranging from phones, TVs, VR Headsets, Bluetooth devices and power banks. Additionally, the company will also open 500 franchise stores to ensure its consumers can experience their breakthrough products and unique content integrated offerings across its device ecosystem.
On this occasion, Atul Jain, COO, Smart Electronics Business, LeEco India, said:
“India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. We are committed to offering our users cutting edge technology at disruptive prices. We have received a great response from consumers so far for our Superphones and now plan to strengthen our presence in the market by opening our own stores and e-commerce portal to offer our users the best-in-class experience.
We at LeEco are also aligned with the Government’s Make in India initiative and also plan to start manufacturing in India very soon.”
Earlier this month, the company has also announced the setting up of in-house Content Delivery Networks (CDNs) in 10 cities across India by end of 2016, making a significant investment of over 10 million USD to set up this CDN/cloud infrastructure. Offering consumers a comprehensive Ecosystem, which is unique to the company globally, LeEco plans to replicate its successful model in India.