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.
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.
The Chinese conglomerate might end their India operations, less than an year-and-a-half after it entered the country.
Yueting had reportedly written a letter to LeEco employees in November apprising them of the cash crisis.
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.
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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