Ringing Bells, a Noida-based company, launched India’s cheapest smartphone at Rs 251 on Wednesday. Since then, it has become the talking point everywhere. Though the phone costs Rs. 251, people were very much attracted for the phone despite of the features in it. The online booking has been closed for the phone. All the customers who have registered are eagerly waiting for its delivery.
The latest news is, the makers of the world’s cheapest smartphone, Ringing Bells will import the first 50 lakh units of its handset, a government official said following a meeting with the company’s promoter. The company, which claims to have received more than 6 crore registrations for its Freedom 251 phone, has promised delivery of 50 lakh handsets by June 30. Of this 25 lakh will be online orders and 25 lakh would be those received offline.
The company is presently importing components from Taiwan and will be assembling them at a pilot facility in Noida, UP. The company plans to set up at least two manufacturing plants in the next 6-8 months with an initial investment of Rs.350 crore.
Ringing Bells President Ashok Chaddha and Promoter Mohit Goel also explained their ‘business model’ during the meeting held with he Department of Electronics and IT (DeitY) officials. The company confirmed that they have received payment for 30,000 handsets which has been parked in an escrow account.
The first 50 lakh phones would be imported from China in SKD units and thereafter production in the country will be started in a phased manner.
Ringing Bells’ officials also told the minister they would deposit the money collected through orders for the phones in an escrow account. They claimed a profit of Rs 31 from each phone, even after selling at Rs 251.