Lava banks on product quality, after-sales to boost smartphone market share

Homegrown smartphone and wearables brand Lava is banking on product quality, clean user experience, updates for lower segment phones, and after sales service as key strategies to boost its smartphone market share, Sunil Raina, executive director of the company told FE.

Over the next five years, the company is targeting a 25-30% share of the Rs 2 trillion sub-Rs 30,000 smartphone market. The smartphone brand, which currently holds a 2% market share, is looking to raise Rs 500 crore in the next one year through private equity. The company will invest in its design capabilities and marketing, before proceeding further with initial public offering (IPO).