Taiwan-based consumer electronics company HTC is exiting the Indian market and has retrenched most of its 70-80 member team.
In a recent report Inc42 has stated that senior executives in India like country head Faisal Siddiqui, sales head Vijay Balachandran, and product head R Nayyar have put in their papers. However, chief financial officer Rajeev Tayal still remains in the company.
Even as it exits India, HTC is not yet dissolving its Indian operations completely as it plans to sell virtual reality devices online with Taiwan completely controlling Indian entity, but this will be an extremely small business.
The company is now ending all its distribution agreements in the country; it halted local manufacturing almost a year ago.
An HTC spokesperson said the company would continue to sell its smartphones in India. Since India is an important market for HTC, the company will continue to invest in the country “in the right segments and at the right time.”
Inc42 had recently reported that HTC was planning to lay off nearly a quarter of its workforce by cutting 1,500 jobs in its manufacturing unit in Taiwan. The move will reduce the company’s employee count to less than 5K people worldwide. In 2013, it had a global employee strength of 19K.
