iApple Products

After having experienced a smartphone boom, most phone makers are eyeing a handsome yield in the Indian market. Steve Job's brain child Apple is no exception to it. The famed makers of iPhone had literally ignored the Indian market in its initial days of launch in the sub continent. However, the country is likely one of its fastest growing markets says a an Economic Times report.

The company is said to have touched $1 billion in revenue in India in the financial year ended March 31, 2015 -an increase of over 40% from the year before when it did Rs 4,500 crore in revenue. It's also three times more than what it did just three years ago in 2011-12.

Sources told The Times of India that the company is close to filing the final results with the ministry of corporate affairs (MCA). But even without that, the unit sales figures indicate that an over $1billion revenue is inevitable.Apple has sold 1.3 million phones in 2014-15 compared to 9.28 lakh it sold in the previous fiscal -a growth rate of 42%, according to figures compiled by Cybermedia Research.

The report by the financial daily suggests, Apple has sold more than a 1 lakh units of iPhone 6 Plus and more than 3 lakh units of iPhone 6, both priced upwards of Rs 50,000, in the just concluded fiscal. Even with $1 billion in sales, India contributes just about 1% to the overall global sales of Apple. But it clearly is becoming one of the key markets.

Also read: Sprinklr, Brainchild of Indian American Entrepreneur Ragy Thomas, Surpasses $1 Billion Valuation

Source: businessinsider.in