Chinese companies are virtually ruling the Indian smartphone market. The companies, which were giving unbelievable offers, however are suffering to sustain in the price sensitive Indian market. Gionee is one such a smartphone brand, which was reportedly hit by financial woes. Started the India operation in 2012, Gionee has made its presence felt in over 600 exclusive service centres and 42,000 stores across the country. As per the latest reports, Gionee owns a mere 2.2 percentage of the Indian market, despite aggressively pushing its products via sponsorships.
Reportedly, a local court in China has frozen 41.4 percentage stake of Gionee Chairman over alleged gambling debts. The financial struggle has made its presence felt, when Company had winded up its plans of investing INR 500 Cr over a manufacture unit in Faridabad. Now, it has to be seen whether Gionee follows the footsteps of LeEco, which had shut down India operations some time ago.