One of the fastest growing Chinese smartphone brands in India known as Comio is reportedly quitting the Indian market. The basic reason behind the exit is that the company isn’t making money and its Chinese promoters aren’t infusing capital.
“Chinese team members left India in the first week of November, 2018, abruptly and asked us from China to close the operations immediately. We have been regularly following up with them but not getting any satisfactory reply regarding settling pending issues in India,” TopWise Communications (which owns the Comio brand) India CEO Kalirona said.
Also, the CEO stated that the company is trying to take legal and government authorities’ help to ensure “Chinese promoters settle each and everything and honour their commitment in India”.
It was in September 2017 that Comio launched in India and had plans to invest over Rs 500 crore in the country by 2019. However, it seems that the company did not seem successful in the meantime. Comio is the second smartphone brand to exit India after Taiwan’s HTC.
Comio’s parent had decided in end October to settle all pending issues and pay all liabilities in the next 3-4 months and close the operations of the company in an amicable manner.