Xiaomi's foray into the Rs 25,000 and above category comes on the back of a rising share in India's smartphone market. Industry estimates peg total smartphones market in India at $150 million in 2019, of which smartphones in the Rs 25,000 and above category have grown from 5-6 per cent in 2018 to 8-9 per cent in 2019.
Currently, 35 per cent of the total 150 million smartphones in India are sold online. Xiaomi's market share in online smartphones is around 50 per cent, said Reddy.
According to Reddy, Redmi K20 also marks Xiaomi's first flagship smartphone to be completely assembled in India. The company has 7 plants across states like Andhra Pradesh, Tamil Nadu and Uttar Pradesh, with a capacity of manufacturing three phones per second, up from two phones per second last year.
Meanwhile, having made its foray into 100 cities through offline stores including its flagship Mi Homes, the company, said Reddy, will continue to grow offline in other cities in the future.