By Business Connect Magazine | May 12, 2025
Rahul Sharma, co-founder of Micromax and husband of former actor Asin, recently opened up about the dramatic rise and fall of Micromax, once India’s top smartphone brand. In candid interviews on Nikhil Kamath’s and Raj Shamani’s podcasts, Sharma revealed how Micromax, valued at Rs 12,000–15,000 crore at its 2014 peak, crumbled in just five years due to Chinese competition and strategic missteps.
Founded in 2000, Micromax disrupted the Indian mobile market by 2010, surpassing Samsung with affordable, innovative phones endorsed by stars like Hugh Jackman. Sharma shared, “We were among the top 10 global mobile brands, fending off Nokia and Samsung.” However, the tide turned when Chinese brands like Xiaomi and Oppo flooded India with superior technology and aggressive pricing. A critical blow was Sharma’s 2014 decision to reject $800 million (Rs 6,700 crore) funding from Alibaba, believing Micromax’s cash flow was sufficient. “We thought we could handle the Chinese like we did the Finns and Koreans. We were wrong,” he admitted.
The supply chain shifted, locking Micromax out of cutting-edge components as Chinese manufacturers secured exclusive deals. By 2020, Micromax’s market share plummeted to under 1%, exacerbated by slow 4G adoption and poor after-sales support. “It was like facing bouncer after bouncer, then getting clean-bowled by a full-toss,” Sharma quipped.
Undeterred, Sharma pivoted to manufacturing through Bhagwati Products Ltd., now generating Rs 6,200 crore in revenue—surpassing Micromax’s peak. His 2017 venture, Revolt Intellicorp, launched India’s first AI-based electric bike, signaling a resilient comeback. Sharma’s story underscores the tech industry’s brutal pace and the power of reinvention.
Add Business Connect magazine to your Google News feed
