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Maxx Mobile to launch around 40 more models this fiscal

Maxx Mobile to launch around 40 more models this fiscal
PTI
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First Published: Sun, Jul 24 2011. 11 34 AM IST
Updated: Sun, Jul 24 2011. 11 34 AM IST
Mumbai: With an aim to increase its pie in the handset category, home-grown mobile handset-maker, Maxx Mobile, plans to launch up to 40 more models this fiscal, a top company official said.
“We plan to launch around 40 models by March 2012. We will be launching 4 models in the next quarter in the smart phone series. The configuration and specification of the product (smart phone) is under planning right now. The price of smart phone would be in the range of Rs 5,000-8,000,” Maxx group chairman and managing director, Ajjay Agarwal, told PTI.
The company has already launched 15 models so far, with the latest being the khamoshhh, jazz and tiny series, he said.
Maxx currently enjoys a market share of 3% in the mobile handset market that is estimated to be Rs 33,171- crore. Agarwal expects the share to increase to 5% by the fiscal-end.
The Mumbai-based firm targets higher revenues by selling 6-million handset units this fiscal as compared to the 3.6-million units sold last fiscal.
“Last year, we (Maxx group) had achieved a revenue of Rs 1,450-crore. This year we are expecting about Rs 1,800- crore of revenues,” he said.
The company normally invests 0.5% of its revenues in research and development of the mobile phones. It also plans to make a foray into the mobile payment facility space, and is currently working on developing a platform to facilitate the same, he said.
“Mobile payment is the future. Right now, it is new for us, but after one year, it will be a basic requirement for us. We are investing in it. Our team is working on it. Till we have something substantial, we cannot share the details,” he said.
Asked when the product would be available in the market, Agarwal said, “We cannot decide the time-frame, because the type of components and other technology should be available in the market, so that the product can be launched.”
At present, Finland-based Nokia is the only handset-maker that provides mobile payment facility.
According to a report from Gartner, the mobile payment users is likely to touch 141-million in 2011. The Boston Consulting Group estimates that by 2015, $350-billion of payments and banking transactions could flow through mobile phones in India.
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First Published: Sun, Jul 24 2011. 11 34 AM IST
More Topics: Maxx Mobile | Models | Smartphones | Market | Nokia |