LeEco, the company who outpaced Xiaomi, Oppo and Vivo last year in India with their impressive advertising and quality products, may exit India soon. Chinese conglomerate has fired 85 percent of its staff in India. The company may be looking to exit the country.
Previously, company’s smart electronics business Chief Operating Officer Atul Jain had resigned from the company. Internet applications, service and content business CEO Debashish Ghosh had also left the company.
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LeEco sells smartphones and televisions in India, being a global internet company. LeEco’s billionaire owner Jia Yueting, last year, admitted in a long letter to employees that company was running out of cash. Yueting was also the largest shareholder of Coolpad group.
LeEco, reportedly, had a budget of Rs 80 crore per month for advertisement. Last year, upon its launch, the company had outpaced Xiaomi, Oppo and Vivo. LeEco had exit sales through offline retail stores in December. Company’s Mumbai and Delhi offices are left with minimal staff after the firing. Bengaluru research and development centers are affected too.
India Chief Operating Officer Alex Li denied any plans to exit the country; he did confirm the exit of two top executives. Though, another senior executive said that company plans to exit India as it is finding it difficult to push the products to Indian consumers, and that demonetization has worsened the conditions for LeEco.
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