LAVA International, a mobile handset vendor in India, said its revenue in fiscal 2014-15 rose 100 percent to more than $1 billion — fuelled by a three-fold increase in smartphone sales.
The Indian phone vendor sold more than 26 million handsets and recorded group sales of INR 70 billion in FY 14- 15.
Lava International became the # 2 player amongst the Indian brands in overall handsets as well as in smartphones in FY 14-15, according to Cybex Exim Solutions. But CyberMedia Research report said Intex is the third largest smartphone brand in India, behind Samsung and Micromax in Q1 2015.
The company is present in eight international markets including Bangladesh, Myanmar, Middle East, Nepal, Thailand and will now start catering to markets like Indonesia and Mexico as well. The brand is amongst the top 3 smartphone players in Thailand.
Lava International commissioned its assembly line in North India which will be scaled up during the current fiscal. It will be investing INR 1,200 crore for manufacturing and plans to hire 7,000 people in current year to strengthen its business.