Indian Economy News

Micromax to enter developed markets; receives trademark protection for 111 countries

Mumbai: Mobile handset manufacturer Micromax Informatics on Monday secured trademark protection for 111 countries, paving the way for entering new markets.

“We can now enter developed countries. They are looking for cost effective solutions,” said Vineet Taneja, chief executive officer of Micromax.

The company is working to expand beyond the six countries it sells its smartphones in.  

Recently,  Micromax entered Russia. Sources in the company said Micromax was eyeing South Africa, Nigeria and Indonesia.  “These three are going to be very important markets because of their young populations,” a person with knowledge of the development told Business Standard.

Micromax on Monday obtained the 1.25th million international trademark under the Madrid system, a widely accepted filing mechanism for registration of trademarks.

The firm, which had an 18 per cent share of the Indian smartphone market last year, posted 60 per cent growth in its mobile devices business.

It sells phones in India, Russia, Sri Lanka, Bangladesh, Nepal and Myanmar.

“Now we expect to grow faster,” Taneja said.

“We can be successful both in developed and developing countries because Micromax provides solutions at a lower cost,” Taneja said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.