India, which is already among the top three markets for HMD Global, the makers of Nokia phones, has the potential to be its biggest market, said HMD Global CEO, Florian Seiche, on Tuesday.
“India is already the number three market for us in the very short period of 11 months after launching. We see the potential in India to become our biggest country…because of the country size and also the combination of our position as Nokia in the past,” he said.
The other two top markets are Russia and Indonesia. He pointed out that in the past 11 months, the company had introduced 11 new phones in both feature and smartphone segments. HMD Global, on Tuesday, unveiled its most affordable smartphone —Nokia 2. The device, which will be available mid-November onwards, will be priced at 99 euros (about ₹7,500). The company promises a battery life of two days with a 4100 mAh battery.
“Our ambition is to become one of the leading players in the next 3-5 years. Therefore we pick the segment where we see great opportunity. We believe that in this price band with Nokia 2, we gain traction very quickly,” the newly-appointed HMD chief said.
He further pointed out that the price range of $100-150 is one of the most popular segments. Globally, the segment contributes 17% of the market volume, in India it is higher at about 30%.
Asked about the investments that the company is making in India, Mr. Seiche said, “We are not holding back.” He added that the investments in other markets “is not the same size. India is one of the largest.”
The company is also investing in the expanding retail outlets in the country. “We are already today at 80,000 retail stores for products and plan to reach to 1,00,000 by the end of this year,” he said.