Chinese internet ecosystem firm LeEco considers India a highly important market and will continue to introduce new products in the world’s fastest growing smartphone market, amid a cash crunch which has led to its chairman cutting his salary to 15 cent.
LeEco has ventured into products and services including video streaming, TVs, smartphone, content production and electric vehicles. It is also keen to expand its ecosystems around the world with presence in Hong Kong, India, Russia and the US.
Although India is on the priority list, the company is going through strategic realignments despite the fact that the company was running out of cash to sustain the massive business.
Since its entrance into India in January this year, LeEco has introduced two generations of its Superphone, one generation of SuperTV and entertainment membership services. It has built offices and recruited hundreds of talents in three major cities in India as well as retail networks and a local research centre.
The company has invested $10 million into establishing content delivery networks for providing inbuilt content to its TV and phone customers, while it has ventured into the offline market to sell phones. It has also started local manufacturing while has applied for a single brand retail license to open its own branded stores.
By Baishakhi Dutta
