LAVA International Limited, a leading company in the mobile handset industry today announced its achievement of crossing USD 1 billion revenue mark in FY 14- 15, registering a growth of over 100% over FY13-14. Catering to a vast market segment of smartphones, the company sold more than 26 million handsets and recorded group sales of INR 70 billion in FY 14- 15.
The growth has been fuelled by a three-fold increase in the smartphone segment in comparison to FY 2013-14 with significant contribution coming from international markets. Lava International became the no 2 player amongst the Indian brands in overall handsets as well as in smartphones in FY14-15 (Source: Cybex Exim Solutions) Lava International Limited is expanding in global markets in a big way. In FY 14-15, the company was present in 8 markets that includes Bangladesh, Myanmar, Middle East, Nepal, Thailand and will now start catering to markets like Indonesia & Mexico as well.
The brand is amongst the top 3 smartphone players in Thailand. Pursuing its plans to manufacture products in India in line with the ‘Make in India’ initiative, the company has commissioned its assembly line in North India which will be scaled up in this FY. It also announced a phased wise investment plan of INR 1,200 crore for manufacturing and plans to hire 7,000 people in current year to strengthen its business.
Commenting on the achievement, Mr. Hari Om Rai, Chairman & Managing Director, LAVA International Limited said, “We are delighted to share that LAVA International Limited has registered more than 100% growth over last year, overachieving the targeted revenue of USD 1 billion. The credit for this stupendous success goes out to all stakeholders who have been a part of this journey including employees, customers, shareholders and commercial partners. The entire value chain is working with ownership to achieve one goal i.e. to become a global consumer brand from India. As we move forward, we will continue to provide innovative products & services to empower people to do more, be more.”