Jain added that the industry build of material cost for making the same phone as Le Max 64 GB is about Rs 42,000 including value added tax.
Firstouch raised $5 million in a series A funding from investors led by Omidyar Network, and rebranded itself as Indus OS.
"It is true that India has a lot of competition, but in China we have even larger competition, yet we are a very successful brand."
Instant messaging giant Whatsapp will be dropping its $1 yearly subscription fee in the next few weeks, founder Jan Koum said at DLD conference.
How wallet companies like Paytm, MobiKwik, Oxigen Wallet are trying to prevent fraudulent mobile transactions
Fraudulent transactions through mobile wallets are estimated at about 1% of the market at present and experts expect them to rise to more than 2%.
The first among the flagships to come from Samsung’s stable in 2016, the Note 5 dual-SIM will be priced at Rs 51,400 for the 32 GB storage variant.
Holitech plans to set up a manufacturing facility in India over the next three to five years, for which it is willing to put in 20% equity.
Transsion Holdings, which owns the Tecno brand of smartphones that are popular in Africa, plans to make an entry into India.
India presents a great opportunity for component, handset manufacturing: Foxconn India MD Josh Foulger
"Manufacturing mobile phones presents a fantastic opportunity in India," said Josh Foulger, India MD for Foxconn.
Handset makers from China are heading to India, which is set to overtake the US as the second largest smartphone market by 2017.
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