Micromax, in a bid to expand its presence in the international markets, will enter Africa and the Middle East in the fiscal year beginning April 1, The Economic Times reported, citing a top company executive. The handset maker is also planning to enter the Commonwealth of Independent States (CIS) countries.
"We will be entering into markets like Armenia, Kazakhstan and Georgia in the CIS region," Amit Mathur, senior vice president for international business, told the daily.
Mathur added: "We are exploring Saudi Arabia and Iran in the Middle East and a cluster of countries in Africa, which can allow us to quickly expand."
Micromax has a team of about 45 people to oversee its international business and the company plans to further enlarge this team over the year.
Its international business, which has been generating profits for the company for the last three years, is expected to generate revenues worth Rs. 1,000 crores by March this year. Currently, approximately 8 percent of its total revenue comes from overseas operations in Bangladesh, Russia, Sri Lanka and Nepal.
Mathur said Micromax's international operations are likely to grow by 50-80% in revenue in 2016-2017.
In India, Micromax ceded its pole position in the Indian smartphone market to Samsung at the end of the December 2015 quarter after wresting it from Samsung in the fourth quarter of 2014 as it dealt with attrition among its senior management.