Lava International on Thursday announced that it has crosses US$ 1 billion (Rs. 6300 crore approx.) in revenue in FY14-15, registering more than 100% growth over last year. Overall smartphone sales witnessed a three-fold growth with 300% increase in volume (YoY), compared to FY 2013-14 said the company. It sold 26 million handsets and recorded group sales of INR 70 billion in FY 14-15.
It expanded business across 8 countries in FY14-15, operating in Bangladesh, Myanmar, Middle East, Nepal, Thailand and now catering to markets in Indonesia & Mexico as well.
It plans to manufacture products in India in line with the ‘Make in India’ initiative, it’s assembly line in North India which will be scaled up in this FY and the company has phased investment plan of Rs. 1,200 crore over the period of three years for local manufacturing. It plans to hire 7,000 people in current year to strengthen its business.
Commenting on the latest achievement, 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.