Honor, the formerly Huawei-owned smartphone maker, has confirmed its return to the Indian market three years after it withdrew its operations in the country.
HonorTech plans to have 4G, 5G and foldable smartphones in its portfolio, spread across mid to premium segments, and cater to consumers in 16 to 45 years age group, said Madhav Sheth, CEO, HonorTech, in an exclusive interaction with The Hindu.
The brand will be led by Indian leadership that is “focused on bringing transformative change,” Mr. Sheth said.
The former Huawei subsidiary is coming back to India through 100% licensing route in a joint venture with PSAV Global. “The licensing agreement is centered around a technology know-how transfer, and there aren’t any licensing fees or royalties involved,” Mr. Sheth told.
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HonorTech plans to infuse ₹1,000 crore by December 2023 to expand its business and related channels. The company aims to generate ₹10,000 crore revenue by the end of FY 2024. The company is being funded by Indian investors.
On manufacturing, Mr. Sheth said, “HonorTech is going to partner with PLI approved companies, mostly Indians, to manufacture its smartphones and other products in India.”
The company is going to have a full suite of products that includes smartphones, wearables, hearables, and other IoT devices. He said that a smart TV is not a part of the plan yet but could be as it progresses here in India.
Speaking about competition, Mr. Sheth said that most of the Chinese brands present in India are only relabelling their products.
“It’s the main brand or sub-brand but there’s no real value addition that’s happening in smartphone industry. We intend to change it,” he added.
Before joining HonorTech, Madhav Sheth was heading Realme’s India operations which is a sub-brand of Oppo and overall, a part of BBK Electronics.
“Success for HonorTech will be measured through job creation, economic impact, technological advancements, market share, and customer satisfaction,” said Mr. Sheth.
Honor Tech will focus equally on online and offline presence. Its first launch will be on Amazon, though.
Published - August 21, 2023 11:00 am IST
