Poco India registers 300% YoY growth in Q1 2021
Poco India on Monday announced that it had recorded the highest growth at 300% YoY in the first quarter of 2021. It is also among the top 10 brands according to the IDC Worldwide Quarterly Mobile Phone Tracker, May 2021.
“In Nov 2020, POCO was ranked the third online smartphone brand, overtaking Realme and OnePlus, within a span of 10 months, and today, it has added another milestone in its independent journey by registering the highest growth in the first quarter,” the company said in a release.
The company also pointed out that its Poco X2 had become the best-selling phone on Flipkart in the ₹15,000- ₹20,000 price segment in March within one month of its launch. The X3 also ranked among the best phones under the ₹20,000 segment.
The company also posted a big milestone with its M3. The company said it had sold 500,000 units of the phone within 45 days of the launch.
That said, smartphone companies are likely to take a big hit in the second quarter due to the fresh surge of the Covid-19 pandemic and subsequent lockdowns. According to the IDC report, the recovery in 2021 may not be as smooth as anticipated before. It is mainly because of the uncertainty around the lasting impact of the second Covid-19 wave in the country. IDC expects a rebound in consumer sentiments as late as the second half of the year. It may also lead to single-digit growth this year.
“However, the degree of growth will be restricted due to reduced discretionary spending, supply constraints, and anticipated price hikes in components in upcoming quarters,” Navkendar Singh, Research Director, Client Devices & IPDS, IDC India had said.