New Delhi : Homegrown mobile phone maker Jivi Mobiles on Tuesday entered the budget smartphone segment and announced it will invest Rs 100 crore to build its own manufacturing facility in Maharashtra.
"The company will invest Rs 100 crore over the next six months to set up its own smartphone manufacturing unit in Maharashtra and create a distribution and marketing network," Murthy Bjas, Group Director and Global Head of Operations, said in a statement.
"In the feature phone segment, we are targeting 5-8 per cent market share in a year and for smartphones we will try to gain 2 per cent market share in the Rs 5,000-Rs 7,000 segment (that it is operating in)," Bjas added.
Currently, the company assembles feature phones in Delhi.
The firm is focusing on Tier 2 and Tier 3 cities to achieve its growth target.