Indian company Spice Group in a joint venture with Chinese smartphone firm Coolpad has released a co-branded handset called Coolpad Mi-515 into the market on Friday.

Spice owned online shopping mart Saholic has begun sales of the new Coolpad Mi-515 smartphone for ₹9,990.

During the launch, COO and Co-Founder, Spice Group, Dilip Modi said, "With this new product, Spice has broken the price barrier and has made Quad Core smartphones affordable for the consumer wanting superlative internet access on the move. It is an affirmation of our belief in constantly re-inventing and creating new benchmarks in the industry.  We will be launching many more exciting products under the Spice Coolpad brand. We are confident that with our huge distribution network and own Spice Hotspot stores - the brand will achieve substantial market share in smartphone category with innovative products."

Spice Coolpad Mi-515 sports a 5.0-inch IPS LCD screen with qHD 960x540p display resolution and runs on Android mobile OS v4.1 Jelly Bean.

Under the hood, it packs a 1.2GHz quad-core processor, 1GB RAM and ships with 4GB inbuilt memory along with a microSD slot which allows users to expand storage capacity up to 32GB.

Considering the overall features, Spice Coolpad Mi-515 is a smart buy as it is one of the very few smartphones in the market to house a quad-core chipset with a under-₹10,000 price bar.

According to reports, apart from online stores, the Spice Coolpad Mi-515 will also be available at brick-and-mortar retail stores in major cities across India for ₹9,990.

Key specs of Spice Coolpad Mi-515:

Model Coolpad Mi-515
Display 5.0-inch IPS LCD with qHD 960x540p resolution
OS Android v4.1 Jelly Bean
Processor Quad-core processor with 1.2GHz speed
Storage capacity 4GB(user memory 1.79GB), expandable up to 32GB
Camera Main: 5.0-megapixels camera with LED flash supportFront: VGA camera
Network 2G & 3G
Battery Lithium-Polymer battery with 2000 mAh
Add-ons GPRS, EDGE, Wi-Fi, Wi-Fi hotspot, Bluetooth v3.0,micro-USB v2.0
Price ₹9,990/-