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News18 » Tech
1-min read

LeEco to Exit India, 2 Top Executives Call it Quits

LeEco forayed into India in January 2016 with a range of smartphones that gave a stiff competition to Xiaomi’s business model.

News18.com

Updated:March 3, 2017, 3:40 PM IST
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leeco, bank complaint
Shenzhen-listed Leshi Internet Information and Technology Corp issued a statement late Tuesday, saying the Shanghai court had frozen a 26.03 percent stake in LeEco held by Jia, and would do so for three years. (Image: Reuters)

Months after Chinese billionaire Jia Yueting said that his company LeEco was reeling under cash crunch, 85 per cent Indian employees were fired, said a report. Two top-level executives at LeEco - Atul Jain and Debashish Ghosh have resigned from their posts.

Read more: Samsung Chief Jay Y Lee's 'Trial of the Century' to Start Next Week

The Chinese conglomerate might end their India operations, less than an year-and-a-half after it entered the country.

Read more: Idea Money App Gets Revamped Design and Features

Yueting had reportedly written a letter to LeEco employees in November apprising them of the cash crisis.

Read more: OnePlus 5 to Launch in April: Could be Waterproof with 8 GB RAM and 256GB Storage

Debashish Ghosh - LeEco's CEO for internet applications, content and services and Atul Jain - CEO for smart electronics business called it quits now, and the company has confirmed their exit.

Read more: Nokia 6, Nokia 5 Price and Specifications in Pictures

LeEco forayed into India in January 2016 with a range of smartphones that gave a stiff competition to Xiaomi’s business model for success in the country. LeEco Le 1s handset, which sports a 5.5-inch display and 3GB of RAM, created buzz in the market. The smartphone was strategically priced at Rs 10,999 ($165) only.

Later, LeEco launched a pool of smart TVs in India, beating several other Chinese companies that included Xiaomi.

With advertising budget at a hefty Rs 80-crore per month, the company which outpaced Xiaomi, Oppo and Vivo, had exited sales through offline retail stores in December.

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| Edited by: Krishna Sinha Chaudhury
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