News Summary

• Image Credits: Prashanth Vishwanathan/Bloomberg via Getty ImagesIn Russia, where the company became the third largest handset vendor a couple years after debuting in 2014, Micromax followed in the footsteps of Fly Mobiles, which was also operating in the Russian market, according to a former company executive.
• There have also been reports about how the company is gearing up, among other similarly struggling older brands, to redouble its efforts to recover.“[The] market is very competitive now, focused around the top five or six brands,” said Navkendar Singh, associate vice president at market research firm IDC.
• Other Indian vendors were also impacted, he added.The troubles with sales also started to flare up tensions between founders and executives, which in turn impacted Micromax’s attempts to raise capital.According to the data available on PitchBook, the company raised a total of $98.02 million.
• Its most recent smartphone model launched as far back April 2022.Micromax declined to comment about the job cuts and other details of this story.To the public, for now, the company remains a mobile phone company, although many cracks are showing.
• Several top executives, including the company’s chief business officer and chief product officer, have also resigned in the last some months.
• Micromax also started generating profits from its global operations.However, Micromax’s global market presence began to decline after its business in India experienced a downturn.“The profits were not to the extent that we could sustain and move to the next level as far as the branding is concerned.