Smartphone maker 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 in India.
“India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. 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,” LeEco India Smart Electronics Business COO Atul Jain said in a statement.
The company has also sought relaxation from the 30 per cent domestic sourcing rule so that it can bring in ‘cutting edge’ technology and ‘state-of-the-art’ features to the Indian consumers, the company said in a statement.
With plans to open fully-owned exclusive retail stores in top Indian 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 experience their breakthrough products and unique content integrated offerings across its device ecosystem.
LeEco, which positions itself as Internet ecosystem company, entered the Indian market early this year in January, with launch of smart cycle and two smartphone models – Le 1s and Le Max.
Earlier this month, the global player also announced setting up of in-house Content Delivery Networks (CDNs) in 10 cities across India by the end of 2016, with an investment of over $10 million (roughly Rs. 66 crores).
LeEco also has plans to set up an R&D centre in Bengaluru with a staff of 1,000 employees by the end of 2016.
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Founded by Jia Yueting, in November 2004 , LeEco Group is building a “Le Ecosystem”, an online platform with content, devices and applications. The company is engaged in myriad businesses, spanning from Internet TV, video production and distribution, smart gadgets and large-screen applications to e-commerce, eco-agriculture and Internet-linked electric cars, which were announced in late 2014.
LeEco Group also has a film production company called Le Vision Pictures.
The company has more than 5,000 employees, and is expanding to other countries such as the US and India.