Lava To Introduce New Models In Sub-Rs 10k Smartphone Segment: President

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Lava International has filed its draft papers with capital markets regulator Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through IPO

Ahead of its IPO, Lava International is gearing up to intensify competition in the sub-Rs 10,000 smartphone segment with focus on new designs and service at doorsteps, as per a report by PTI.

Lava International president and business head Sunil Raina said that the company is coming up with Blaze series smartphones which will be priced Rs 10,000 apiece and its buyers will get all the repair service on their doorsteps.

“We came up with the concept of customer relationship manager for Agni series phones — Agni Mitra — where customers were allotted a dedicated person to handle any issue that they may face in their smartphones. We are now going to extend the same concept for our upcoming Blaze series. We are planning to start it with 2,000 personnel across India,” Raina said.

He said that the company wants to do away with the concept of a service centre, where a customer buys a phone from a shop and then has to run and queue up for service at any repair centre. Lava will deploy its in-house resources for the service as well as partner third parties for providing the service.

Lava International has filed its draft papers with capital markets regulator Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through Initial Public Offering (IPO).

The IPO comprises fresh issuance of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of 4,37,27,603 equity shares, according to the draft red herring prospectus.

Proceeds from the issue will be used for marketing and brand building activities, funding acquisition and other strategic initiatives and investment in material subsidiaries and for funding its working capital requirements.

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