AI+ Targets ₹7,500 Cr Revenue, Focuses on India’s Smartphone Market

Ever wondered if your next smartphone could be truly ‘Made in India’? AI+, a new smartphone brand from NxtQuantum Shift Technology, is aiming high with a massive revenue target of ₹7,500 crore for the current fiscal year.

This ambitious goal comes after the brand reported ₹965 crore in revenue since its launch in September 2023. Madhav Sheth, the company’s founder and a former Realme executive, expects a significant chunk of these sales, around ₹6,000 crore, to happen before the Diwali season.

Building an Indian Smartphone Powerhouse

AI+’s main strategy is to build a smartphone brand with deep Indian roots, focusing heavily on a local supply chain. Sheth highlighted that international brands currently dominate the Indian smartphone market, which is valued between USD 40 billion and USD 50 billion.

By developing local component capabilities, AI+ aims to lessen its reliance on foreign ecosystems, a move it believes is key for lasting success in the region. This focus could mean more truly ‘desi’ tech in your hands soon.

Smart Investments for Growth

To power its expansion and tech upgrades, AI+ has tapped into government initiatives like the Mobile Phone Manufacturing Scheme (MPMS), which supports research and development. The brand has already invested substantially to bolster its operations.

• AI+ has put ₹60 crore into software development, expanding its team, and setting up local servers to keep data within India.
• Their R&D team currently includes about 150 individuals, with 30 expatriate specialists providing hardware and software training.

Making a Mark in the Market

Since its debut, AI+ has rolled out five smartphone models, priced appealingly between ₹10,000 and ₹30,000. The company claims to have sold over 20 lakh units, a pace it considers one of the fastest for new players in the Indian market.

However, the Indian smartphone arena remains incredibly competitive, with long-standing players holding significant market share. AI+’s journey ahead will depend on its ability to keep sales momentum strong, scale its local manufacturing efficiently, and maintain product quality against more seasoned global rivals.

What’s Next for AI+?

Market watchers and investors will be keeping a close eye on the company’s capital spending on testing labs and local infrastructure. Its performance during the high-demand festive quarters will be a crucial indicator of whether AI+ can truly carve out its ‘Made in India’ niche.