Here is how OnePlus India profits grew three times in 2018Sohini Mitter
OnePlus is not only India's leading smartphone brand in the premium segment, but also notched up record sales with the flagship OnePlus 6.
OnePlus has had a dream run in India since its launch in 2014, and that might just continue. Besides emerging as the most recommended smartphone brand in the country last year, the Chinese manufacturer’s financials grew as well.
According to recent regulatory filings, the company's profits jumped three-fold to Rs 2.8 crore in 2017-18. Revenues increased as well, hitting Rs 150 crore from Rs 38 crore a year ago. (OnePlus is yet to file its 2018-19 financials.)
Even users seem to be satisfied with the brand, with more than 90 percent of them rating their handsets 4 or higher on a scale of 5 when it came to ‘value for money’, a study by 91Mobiles revealed.
During the first half of 2018, it surpassed rivals Samsung and Apple to become India’s best-selling smartphone brand in the premium (Rs 30,000-plus) segment. This was brought about by the viral success of the OnePlus 6 - the smartphone maker's first model to adopt the much-hyped ‘notch’.
One million units of the the phone were sold within 22 days. In contrast, Apple struggled to sell a million iPhones in the entire year, with its India market share declining from 2 percent to 1 percent.
The OnePlus 6 also became the company’s highest-selling flagship smartphone within five months of launch. Its successor, OnePlus 6T, was unveiled in end-October.
According to Counterpoint Research, the company occupied the highest share (40 percent) of the premium smartphone market in 2018 as a result of its offline sales expansion that helped widen the brand’s potential user base. Last year, it started selling through Croma and Reliance Digital outlets, besides setting up its own experience stores in metros.
India continues to be a critical market for the BBK Electronics-owned OnePlus. In 2017, the country accounted for a third of its $1.4 billion global revenues. CEO Pete Lau wrote in a blog post, “India has become our benchmark for creating successful global products.”
Besides smartphones, OnePlus is also looking at venturing into the smart TV space in India. Reports suggest that it could launch a OnePlus TV in 2020. However, the company hasn't revealed any date. Its rival Xiaomi too sells smart TVs in India.