Micromax has launched in the Maldives, in partnership with Sense Woods Maldives Pvt Ltd. The company is retailing 9 mobile handsets in the country including Android phones, music touch phones, QWERTY chat phones, dual SIM phones and utility phones, and has plans to launch service centers. The phones will be priced between 425 MVR (Maldivian Rufiyaa) to 4,500 MVR.
Reports suggest that MicroMax has withdrawn its Rs 426 crore initial public offering due to erratic market conditions. The company was planning to sell 10 % stake via public listings and had filed a red herring prospectus in September 2010. According to the report, the company decided to defer the proposed IPO to focus on product development.
Apart from expanding its physical presence, the handset manufacturer is also trying to extend its services as well. Earlier this July, the company had inked a deal with Nazara Technologies to embed 40 Electronic Arts (EA) game titles on select handsets available to users in a try and buy model. It had also introduced a push mail service by the name of EzMail that is being made available with their Q80 handsets.
Micromax is primarily focused on budget phones and has reportedly incurred a revenue Rs 2,289 crore for FY-11. A Voice and Data survey states that Micromax is among on the top 10 handset manufacturers in India showing a growth of 43 % YoY and 6.3 % of Indian handset market share. Apart from India, the company has its presence in Hong Kong, Bangladesh, Nepal, Sri-Lanka, UAE and Brazil.