Micromax smartphone
Micromax smartphone (Representational Image)Micromax

Micromax is reportedly hosting a launch event to unveil the company's first ever CyanogenMod custom Android based YU series smartphone next week.

The company has already begun sending out invites for a press meet on 18 December.

The invitation (courtesy, NDTV Gadgets) reads- "SINCE TIME TRAVEL IS Not AN OPTION, BLOCK YOUR DATE FOR 18.12.2014/ PLAY GOD" with hash tag – "#YULaunch".

It is said that the company's subsidiary Yu Televentures has joined hands with the American mobile software developer company, Cyanogen, will incorporate custom Android ROM in Yu series smartphones.

Micromax has reportedly made plans to sell the new device series through dedicated online stores like Xiaomi and Motorola.

As far as specifications is concerned, the details of Micromax YU phone is very scarce right now, but rumour has it that the new device will house 64-bit class SoC (System on Chip), probably Qualcomm's Snapdragon 615 series Octa-core processor and 4G modem.

[Also read: OnePlus One Sold in India Will not Receive OS Update: Cyanogen]

Micromax co-founder Rahul Sharma in an interview with PTI last month said the upcoming YU series is a "game changer" for the company not only in India, but globally as well.

Micromax has already spread its wings across Russia and SAARC (The South Asian Association for Regional Cooperation) nations including Bangladesh, Nepal, Sri Lanka and has plans to enter Europe in the coming days.

With the introduction of YU series, Micromax possesses a lethal arsenal enough to close-in on the gap with the market leader, Samsung who sits on top with 24% share (courtesy, IDC India), while the former is placed close second with 20%.

Besides the Yu series smartphone, Micromax is also said to working on the successor of flagship smartphone Canvas 4 with CyanogenMod OS.

Canvas 5 is expected to flaunt a 5.0-inch full HD display, with metal (Aluminum) back cover similar to its predecessor and house an 18mp main camera and a 5mp snapper on the front.

[Read More: Micromax Canvas 5 Specifications Surface Online; Smartphone Tipped to Run on CyanogenMod OS]