Alibaba-backed Meizu to ring in India on Monday
After Xiaomi and <g data-gr-id="23">Gionee</g>, it's now Alibaba-backed Chinese handset maker Meizu that will foray into the burgeoning Indian smartphone market later this month. According to a tweet by Meizu India, the company will launch its first device on May 18. "Are you OK 5.18 see! see!" J. Wong," read the tweet. Wong is the founder and chief executive officer of Meizu.
The smartphone market in India has been growing at a phenomenal pace with shipments touching 22.25 million units in October-December 2014 and 80.5 million units during the full year. While the market is dominated by Korean handset maker Samsung and domestic players like Micromax, Intex and Lava, Xiaomi has managed to grab 4 <g data-gr-id="22">per cent</g> share within a year of entering the India market.
In the past few months, many other Chinese brands like <g data-gr-id="25">Gionee</g> and Oppo have unveiled their <g data-gr-id="21">products,</g> while firms like <g data-gr-id="26">Phicomm</g> and Coolpad have lined up devices to be launched in the coming months. Established in 2003 and headquartered in Zhuhai, China, Meizu expanded into the smartphone market in 2008. It has over 1,000 employees and has a presence in Hong Kong, Israel, Russia and Ukraine.
In February this year, eCommerce giant Alibaba Group Holding picked up stake in Meizu for about $590 million.