Latest news with #Micromax
Time of India
08-07-2025
- Business
- Time of India
Local electronics parts vendors plan non-Chinese JVs
Live Events Technical alliance Raising local value addition (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Kolkata: As the deadline for submitting applications for the electronics component manufacturing scheme draws near, home-grown contract manufacturers such as Dixon Technologies Epack Durable , Micromax's Bhagwati Products and Optiemus are finalising most of their proposals with South Korean, Taiwanese and Japanese companies as equity partners, CEOs of these Indian firms development is significant as China was the largest sourcing market for products and parts, as well as partnerships and JVs till now. Their decision stems from India's tough stand against Chinese FDI, which needs multi-ministerial nod under Press Note 3 move could also be attributed to continued business related conflicts such as the neighbouring country's rare earth magnet export curbs imposed on India, among other Press Note 3 norms were issued after the border clashes with China in 2020. Since then only a handful of large Chinese companies have received such clearances.'There is no denying that China is far ahead in large-scale component technology manufacturing, but we are careful about the government stand, as not just the initial investment will need government clearance, but even the subsequent ones. Such clearances will take a lot of time, impact our plans and incentive payout under the scheme,' said a CEO of one of the largest players in the industry.'So, wherever we have found the technology in Taiwan and South Korea, we would use that while for others we are still dependent on China. But we are trying to negotiate for a technical alliance or a minority shareholding with them,' he said, requesting Enterprises will put in Rs 4,000 crore application under component manufacturing scheme which will be invested through the tenure of the scheme, CEO Jasbir Singh part of a joint venture with South Korea's Korea Circuit, a Rs 3,000 crore application for manufacturing of high density interface and semiconductor substrates and a Rs 1,000 crore application for printed circuit board manufacturing will be submitted, said Singh. Amber is the largest contract manufacturer for largest home-grown smartphone contract manufacturer Dixon Technologies' managing director Atul Lall said the company is currently finalising its applications and terms for joint ventures with South Korean and Taiwanese firms. 'There might be applications with Chinese too, but the terms are being finalised,' he Products is betting on Korean, Taiwanese and Chinese firms for equity joint ventures and technical collaboration depending upon the approval from competent authority, said its director Rajesh window for applications under the electronics component manufacturing scheme closes by the end of July. The scheme has a budget outlay of ?22,919 crore and is spread over six years, with one year as gestation is aimed at developing a robust component ecosystem by attracting large investments, increasing domestic value addition, which is at 20% on an average at present, and integrating Indian companies with global value government has said it expects to attract investment of Rs 59,350 crore to produce goods worth Rs 4,56,500 crore and generate additional direct employment of 91,600 people, besides many indirect jobs during its tenure. Already, over 100 applications have been received under the Gupta, MD (operations), PG Electroplast, said the company will submit 4-5 applications, including with non-Chinese Optiemus, Taiwanese companies are the first preference for joint ventures, said executive chairman Ashok Durable will submit two applications of Rs 300 crore in total for components for sound, printed circuit board assembly and display, said its managing director Ajay DD Singhania. 'Our first priority is non-Chinese partners from Taiwan, South Korea and Japan,' he said.A company CEO said that it was a sensitive issue for companies having Chinese brands as clients as the existing component manufacturers for those brands are all mostly Chinese. 'Some are Taiwanese too. So, we are talking to the clients too before finalising the applications,' he said.
India.com
15-05-2025
- Entertainment
- India.com
Meet Rahul Sharma, husband of Asin, started with Rs 20 crore built business of Rs 120000000000, his company is…
Actor Asin's husband, Rahul Sharma was a big figure in the mobile phone industry in India. He was the co-founders of Micromax and once a competitor of Nokia and Samsung. Micromax became one of the biggest players in the mobile industry. But Rahul faced a huge competition from various Chinese mobile companies who were selling their cell phones at a much cheaper rate. Rahul participated in Nikhil Kamath's podcast and shared from where he got an idea to make mobile phones. It came to him while travelling in remote areas of India. He noticed that the entire village had to pay huge amounts to one vendor to charge their phones. So he thought of making a phone with long lasting battery life. He worked on the GSM technology. He had to fight a lot with his co-founders to convince them about manufacturing of mobile phones in India. He decided to make only 10000 phones initially so his founders agreed to give him Rs 20 crores. This is how the first Micromax phone was made. But they couldn't find distributors for the same. He narrated, '''We went back to our fixed wireless guys, and asked if they'd be willing to distribute it. We left some of our inventory with them, and within 10 days, they were sold out. Repeat orders started coming in, and things became crazy.' Rahul added that at its peak, Micromax was making more than Rs 12,000 crore. They were in talks with Alibaba for Rs 6,700 crore funding but didn't raise it because they had so good operating income. Rahul said that they regretted this decision later. His company is earning more money now than Micromax used to get. Rahul and Asin married in 2016, after being introduced by Akshay Kumar.
Indian Express
14-05-2025
- Business
- Indian Express
Asin's husband Rahul Sharma recalls starting Micromax with Rs 20 crore, turning it into Rs 12,000 crore company before going bust: ‘Things became crazy'
Former actor Asin's husband, Rahul Sharma, is considered a pioneer of the mobile phone industry in India. As one of the co-founders of Micromax, he successfully challenged international brands such as Nokia and Samsung, at least for a while. Not too long after Micromax became one of the biggest players in the industry, incoming competition from Chinese brands brought the company to its knees. Rahul pivoted, and is now in the manufacturing business. In a recent appearance on Nikhil Kamath's podcast, he recalled the origins of his company, and said that the idea to make mobile phones came to him while he was travelling in remote areas of India. He discovered that entire villages would pay exorbitant amounts of money to one vendor just to charge their phones. Rahul said that he decided to make a phone with long battery life. He said, 'I sat with the guys, worked on the GSM technology, and said, 'Why don't we make a mobile phone?' The first reaction internally was, 'Are you crazy? Who's going to fight these Nokias and Samsungs and Motorolas? We are doing so well, you are driving a BMW 3 Series, why do you want to disturb the apple cart?' I said, 'No, the food is being cooked in different countries, we need an Indian flavour'.' Also read – Asin's husband Rahul Sharma turned down more than Rs 6,500 crore funding, says it could've saved Mircromax from downfall He continued, 'I fought a lot with my co-founders internally, and they said, 'Okay, we'll make 10,000. If it works, it's fine, otherwise our business is doing well.' They gave me around Rs 20 crore. We decided to make a phone with long battery life, because of all these experiences. That's how the first Micromax phone came, and the tagline was, 'Mobile ka baap'. The standby time was 30 days… We made a phone, and then went to the distributors. The real problem started from there.' Rahul said that he couldn't find a distributor for his product, and was sitting on an inventory of 10,000 phones. 'Even the Delhi distributor of Nokia was bigger than us,' he said, adding, 'We went back to our fixed wireless guys, and asked if they'd be willing to distribute it. We left some of our inventory with them, and within 10 days, they were sold out. Repeat orders started coming in, and things became crazy.' In the same interview, Rahul said that at its peak, Micromax was doing a turnover of more than Rs 12,000 crore. Because they had so much operating income, they decided against raising investment even though they were in talks with Alibaba for Rs 6,700 crore. Rahul said that he regrets the decision, because taking the money would have given him ammunition in a battle with Chinese competitors. But, things worked out for him. He said that his company is making more money now than Micromax did back in the day. Rahul and Asin tied the knot in 2016, after being introduced to each other by Akshay Kumar.
India.com
13-05-2025
- Business
- India.com
Meet owner of Micromax, who faced Rs 12000 crore fall, now built Rs 6,200 crore company, married to actress Asin, his name is...
Meet owner of Micromax, who faced Rs 12000 crore fall, now built Rs 6,200 crore company, married to actress Asin, his name is… Success Story: Rahul Sharma is a tech genius and an entrepreneur who dethroned Samsung in smartphone war in India. His life is like a rollercoaster ride, from building a billion-dollar business with Rs 3 lakh loan to turning down Rs 6,700 crore funding. In the early 2000s, Rahul Sharma founded Micromax Informatics with his friends Rajesh Aggarwal, Vikas Jain, and Sumeet Arora. In 2008, things changed when they launched their mobile phone, starting the era of budget-friendly mobiles in India. In 2014, Micromax actually shaken the budget-friendly phone market, decreasing Samsung's sales in India. Sharma didn't stop at India. He launched the brand in Russia, becoming the first Indian company to export phones in the country like Russia. Micromax Crashed, But He Didn't: How Asin's Husband Rahul Sharma Rebooted His Fortune with a Rs 6,200 Crore Manufacturing Empire When Engineer Meets Entrepreneur Rahul Sharma was born on September 14,1975. He completed his bachelor's degree in mechanical engineering from Rashtrasant Tukadoji Maharaj Nagpur University and a degree from Saskatchewan in Canada. How Akshay Kumar Played Cupid During the shoot of Houseful 2 in 2012, Akshay Kumar, who was Asin's co-star introduced her to Sharma. Their bonding blossomed and in 2016, the duo tied knot in a private ceremony. Akshay was the best man in the wedding. Rahul Sharma's Net Worth Rahul Sharma's net worth is estimated at Rs 1,300 crore. He owns several luxury cars such as a Bentley Supersport Limited Edition, BMW X6, Mercedes GL450, and a Rolls-Royce Ghost Series 2. He also owns a luxury farmhouse in the national capital. The Fall Of Micromax From 2010 to 2015, Micromax dominated the mobile market. There was a time when the company held a 50 percent market share. But when Chinese brands entered with cheap prices they cornered exclusive deals with suppliers. One Pivotal Moment In 2014, Sharma rejected USD 800 million funding from Alibaba. This decision was later regretted by him The Silent Comeback In 2017, Sharma launched Revolt Intellicorp – India's first AI-enabled electric bike. That not all, he silently repurposed Micromax's factories and built a manufacturing business. Today, his company Bhagwati Products Ltd (BPL) has a turnover of Rs 6,200 crore.
Indian Express
10-05-2025
- Business
- Indian Express
Asin's husband Rahul Sharma reveals how Micromax went from Rs 12,000 crore to bust in five years: ‘Bouncer after bouncer, clean-bowled by full-toss'
Former actor Asin's husband, Rahul Sharma, co-founded one of the biggest players in the mobile phone arena, Micromax. But after a few years during which it dominated the Indian market and took on international brands, it was forced to perform a major pivot. Chinese brands emerged, and the supply chain turned towards them. In several interviews, Rahul has spoken about Micromax's downfall, which was highly publicised because of how huge the company had become. It was during this period of growth that he married Asin, who backed away from the film industry immediately afterwards. Appearing on Raj Shamani's podcast this year, Rahul said that at its peak, Micromax was among the 10 biggest mobile phone companies in the world. It had successfully fended off competition from the likes of Nokia and Samsung in India, and was delivering a turnover of between Rs 12,000 crore and Rs 15,000 crore. But things began turning around shortly afterwards. 'Bouncer pe bouncer pad raha tha, uss time full-toss pe bhi bowled ho rahe they,' he said. Also read – Asin's husband Rahul Sharma recalls Akshay Kumar playing matchmaker for them: 'He said the girl is very simple, down to earth…' He said, 'What happened with Micromax didn't happen only with Micromax; it was a global phenomenon. There was a lot of brands globally at the time, but people spoke about us because we were the biggest. The supply chain started shifting, and when the supply chain started shifting…' Rahul said that his company's differentiator was innovation, and they weren't allowed to innovate because Chinese manufacturers entered into exclusive deals with emerging Chinese brands. 'Imagine if today, I want to make a triple-screen phone. I can't, because I don't have the components. Which means I no longer have the edge. We tried for two years, but after a point, we decided that there is no point in burning more money… You can keep burning if there is success at the end of the tunnel, but when the opponent has an endless supply of resources, it makes no sense.' In an appearance on Nikhil Kamath's podcast, Rahul said that they turned down funding of $800 million from Alibaba in 2014, which, in hindsight, was possibly a mistake. 'We thought that if we'd taken care of the Finnish and the Koreans at that time, we could take care of the Chinese too… That was a different game, because when the Chinese came, they came with so much gunpowder,' he said. Rahul has now pivoted to the manufacturing business, and is making more money now than he ever did before. 'Today, our revenue is way bigger than what we used to do in our brand. Most people would probably not know. But we are doing way better than what we used to do earlier,' he told Nikhil Kamath.
