The company then released the HTC One (M7) which had one of the best cameras of its time. The company's revenue has kept on decreasing in recent months. The company is now laying off 1,500 employees, and its June sales were down 68% from a year ago. However, reports of the company closing its smartphone operations have been doing the rounds lately, with many HTC India's top management said to have departed the company.
HTC has less than 1 percent share of the Indian smartphone market, as per Counterpoint Research, while Samsung, Apple, and OnePlus dominate the premium (₹30,000 and above) smartphone market in India. This includes the head of Indian operations (Faisal Siddiqui), head of sales (Vijay Balachandran), and head of product (R Nayyar). The report went on to add that the company has asked its team of about 70-80 members to leave except a few members including Rajeev Tayal, the chief financial officer. It is also ending all distribution agreements in the country. The company still plans to use online shopping portals like Flipkart to sell its smartphones in India. "This will be like an extremely small business", the executive was quoted as saying.
The executive also pointed out that HTC would consider returning to the Indian market should its global business make a turnaround, but considering the company announced a sales decline of 62% in the most recent quarter, that's unlikely to be the case. "As of now, it is quitting", the source said.
However, according to CyberMedia Research (CMR), HTC's India exit is more of a failure on the part of HTC to judge the competition as well as grasp the market realities. Gadgets 360 also got the same response.
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An HTC spokesperson said they will continue to sell its smartphones and invest in India at the right time in right segments. There are still more than ten employees in the India office providing full functionality.
This comes at a time when HTC is already in trouble with some distributors in India, who are planning to take legal action against the company for non-payment of dues and not compensating for stock in the trade pipeline. HTC was nationally distributed in India by Optiemus Group firm MPS Telecom and Link Telecom.
The company confirmed that while many employees have been let go, "more than 10 employees" continue to remain with HTC. HTC also failed to adapt to the onslaught of Chinese companies like Xiaomi, Vivo, and OPPO, and as a effect it now has a market share of less than 1% in the country.
Must Read: Unboxing The HTC U11+. Another report by Groupe Speciale Mobile Association (GSMA) hinted that the country's mobile market crossed 5.7 Bn mobile phone users and 340 Mn smartphone users in 2017. We will see how the situation plays out. We are laser-focused on creating and delivering more disruptive technologies and building our brand through the innovative, high quality products that our customers expect. Enter your email to be subscribed to our newsletter.