Honor, the brand known for its smartphones and tech innovations, is making a dynamic return to the Indian market under the new moniker “HonorTech.” With official teasers already making waves, the company’s re-entry is generating buzz. Not only is HonorTech investing significantly in its re-launch, but it’s also charting a course for local smartphone manufacturing.

HonorTech Joins Forces with PSAV

Global for the Indian Relaunch HonorTech has joined forces with PSAV Global, the current official distributor of Honor products in India. This partnership forms a 100% Indian joint venture (JV) collaboration, ensuring the brand’s complete ownership by Indian stakeholders. This move aligns with the Indian government’s keen observation of companies associated with China, making it a strategic maneuver on HonorTech’s part.

The Roadmap of Investment and Growth

Madhav Sheth, the CEO of HonorTech, shared insightful details about the company’s plans. An investment of Rs 1,000 crore is on the horizon, earmarked for the establishment of software and hardware teams, as well as the development of a robust service network. Importantly, all investments will come from local partners without foreign equity involvement, ensuring complete adherence to local ownership and regulations.

The Technology Transfer Advantage

HonorTech’s journey won’t begin from scratch; instead, there will be a strategic technology transfer from Honor Global. This transfer of expertise will empower HonorTech to establish its operations in India and engage in fierce competition with its counterparts. The global Honor team will play a pivotal role in sharing know-how, working as an ODM to HonorTech and leveraging this partnership for global expansion.

Local Manufacturing: The Next Frontier

While initial smartphone launches in India will involve importing devices, HonorTech has its sights set on local manufacturing, projected to commence in the early months of the upcoming year. However, the execution of this plan hinges on securing necessary approvals, particularly under the production-linked incentive scheme (PLI).

Goals and Aspirations

Madhav Sheth envisions HonorTech capturing a notable 5% market share in the Indian smartphone arena by December 2024. He also aims to achieve a revenue milestone of Rs 10,000 crore within the same timeframe. The initial product offerings will span a range from USD 100 to USD 1,000 (approximately Rs 8,310 to Rs 83,100), encompassing not only smartphones but also foldable devices. Additionally, HonorTech has aspirations to introduce tablets, wearables, and laptops to the Indian market.

Anticipation Grows

Sheth’s recent teaser announcement, “An optimum tech is coming your way to redefine your experience. A few days to go for the biggest announcement,” has heightened the excitement for HonorTech’s impending launch. While speculation is rife about the first product’s identity – potentially the Honor X9a or an Honor Magic series smartphone – it’s clear that HonorTech’s return is poised to make a significant impact on India’s tech landscape.