Smartphone brand AI+, led by former Realme executive Madhav Sheth, is aiming for ₹7,500 crore in sales this fiscal year. The company is betting on a local component ecosystem and government-backed R&D support to compete with established global players in the Indian market.
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AI+, a smartphone brand under NxtQuantum Shift Technology, has set an ambitious revenue target of ₹7,500 crore for the current fiscal year. This projection follows the company's debut in September 2023, during which it reported a revenue of ₹965 crore. Madhav Sheth, the founder and former executive of Realme, stated that a significant portion of this growth is expected before the Diwali season, with an internal projection of ₹6,000 crore in sales by that period.
The company’s strategy focuses on building a smartphone brand of Indian origin that prioritizes a local supply chain. Sheth, who has previously held roles at Oppo and Honor, noted that the Indian smartphone market, valued between USD 40 billion and USD 50 billion, is currently dominated by international brands. By developing local component capabilities, AI+ intends to reduce reliance on foreign ecosystems, a move it believes is essential for long-term sustainability in the region.
To support its growth and technical development, AI+ has utilized government initiatives such as the Mobile Phone Manufacturing Scheme (MPMS). This scheme provides support for research and development, which the company views as a key enabler for domestic manufacturers. AI+ has already invested ₹60 crore into software development, team expansion, and the establishment of local servers to prioritize data sovereignty. The brand currently employs an R&D team of approximately 150 people, including 30 expatriate specialists focused on hardware and software training.
Since its inception, AI+ has launched five smartphone models in the ₹10,000 to ₹30,000 price segment. The company reports having sold over 20 lakh units, a pace it claims is among the fastest for new entrants in the domestic market. However, the smartphone industry in India remains highly competitive, with established players already controlling significant market share through extensive distribution networks and brand loyalty. The success of AI+ will depend on its ability to sustain this sales momentum, effectively scale its local manufacturing operations, and maintain product quality against more experienced global rivals. Investors and market observers will likely monitor the company’s ability to manage its capital spending as it continues to invest in testing labs and local infrastructure, as well as its performance during the high-demand festive quarters.