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Chinese internet ecosystem firm LeEco considers India a highly important market and will continue to introduce new products in the world’s fastest growing smartphone market, amid a cash crunch which has led to its chairman cutting his salary to 15 cent.
“India represents the future and its user value may surpass China in a few years,” said YT Jia , co-founder and chairman of LeEco at the company’s investor meeting in Beijing on November 10.
“No matter how hard it is to crack the India market, we will try our best to grasp the opportunity there,” Jia added. His views about the India market were shared as a statement by the company’s India unit Thursday afternoon.
LeEco has ventured into products and services including video streaming, TVs, smartphone, content production and electric vehicles. It is also keen to expand its ecosystems around the world with presence in Hong Kong , India, Russia and the US. “We will focus on China, American and India and achieve breakthroughs in these three valuable regional markets,” Jia wrote in the letter.
Although India is on the priority list, the company is going through strategic realignments after Jia pointed out that the company was running out of cash to sustain the massive business.
Jia had apologized to shareholders and pledged to slash his income to 1 yuan (15 cents), slow LeEco’s staggering pace of expansion, and move the company toward a more moderate phase of growth, in a letter to employees reported by Bloomberg on November 7.
In the statement issued by the Indian unit of LeEco, the company reiterated that it was moving from capital-fuelled expansion to building a stronger hold of existing markets and achieving higher profit. The local unit added that it is committed to the Indian markets and will launch new products in coming weeks.
Since its entrance into India in January this year, LeEco has introduced two generations of its Superphone, one generation of SuperTV and entertainment membership services. It has built offices and recruited hundreds of talents in three major cities in India as well as retail networks and a local research centre.
The company has invested $10 million into establishing content delivery networks for providing inbuilt content to its TV and phone customers, while it has ventured into the offline market to sell phones. It has also started local manufacturing while has applied for a single brand retail license to open its own branded stores.
LeEco committed to India market despite cash crunch - ET Telecom
“India represents the future and its user value may surpass China in a few years,” said YT Jia , co-founder and chairman of LeEco at the company’s investor meeting in Beijing on November 10.
“No matter how hard it is to crack the India market, we will try our best to grasp the opportunity there,” Jia added. His views about the India market were shared as a statement by the company’s India unit Thursday afternoon.
LeEco has ventured into products and services including video streaming, TVs, smartphone, content production and electric vehicles. It is also keen to expand its ecosystems around the world with presence in Hong Kong , India, Russia and the US. “We will focus on China, American and India and achieve breakthroughs in these three valuable regional markets,” Jia wrote in the letter.
Although India is on the priority list, the company is going through strategic realignments after Jia pointed out that the company was running out of cash to sustain the massive business.
Jia had apologized to shareholders and pledged to slash his income to 1 yuan (15 cents), slow LeEco’s staggering pace of expansion, and move the company toward a more moderate phase of growth, in a letter to employees reported by Bloomberg on November 7.
In the statement issued by the Indian unit of LeEco, the company reiterated that it was moving from capital-fuelled expansion to building a stronger hold of existing markets and achieving higher profit. The local unit added that it is committed to the Indian markets and will launch new products in coming weeks.
Since its entrance into India in January this year, LeEco has introduced two generations of its Superphone, one generation of SuperTV and entertainment membership services. It has built offices and recruited hundreds of talents in three major cities in India as well as retail networks and a local research centre.
The company has invested $10 million into establishing content delivery networks for providing inbuilt content to its TV and phone customers, while it has ventured into the offline market to sell phones. It has also started local manufacturing while has applied for a single brand retail license to open its own branded stores.
LeEco committed to India market despite cash crunch - ET Telecom
