HMD Global’s Head of Business for North and East region in India Amit Goyal told Economic Times of India that, after a year of starting operations, HMD is already profitable in India. Upcoming phones should diversify the offering of Nokia phones in India, and HMD will work on strengthening online sales via its own online store and with partners, added Mr. Goyal.
According to Counterpoint Research, HMD Global captured 7% of India feature phone market in Q1 2018, and Nokia smartphones were on the verge of entering the top 5 group. The fact that HMD’s operations in India are profitable comes as a surprise to me.
The recent marketing activities and solid offering of smartphones and feature phones turned out to be a good recipe for financial success on the Indian market. The 2018 lineup and more aggressive marketing should help HMD continue the positive business operations.
As a private company, HMD Global isn’t obligated to regularly share the financial data and sales number, even though they said that 70 million Nokia phones were shipped in 2017. HMD Global Oy, registered in Finland, is still obligated to submit the financial report on a yearly basis to Finnish authorities, and as soon as these results are made public, we will cover it here. 🙂