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.