Lava’s smartwatch is expected to be priced at less than Rs 4,000, according to the sources, but they declined to divulge further details. With this foray, the Noida-based firm would find itself pitched against established brands such as Fire-Boltt, Noise, and Boat.
Lava: Google’s Android rival BharOS-powered devices would further boost the country s affordable segment, in addition to allaying user data privacy concerns.
Lava: The company touched its peak market share of 8% in the smartphone segment in 2014 before being pushed to the fringes by moneyed Chinese players who captured the 4G wave. It made a comeback to the segment in 2020, but has a share of less than 1%, which it hopes to grow, backed by its affordable 5G play.
Indian smartphone brand Lava plans to invest over ₹500 crore in research and development and marketing over the next two years. With a focus on 5G-fying budget smartphones, the company aims for 100% year-on-year growth. Lava, which saw its revenue triple since its 2020 relaunch, intends to compete with Chinese rivals by enhancing R&D capabilities and brand presence, targeting a 100% growth rate for the next 3-4 years.