Oppo’s managing director of India, Yi Wang has reportedly stepped down from his position and the basic reason behind this is the increasing losses faced by the Chinese smartphone company and on the other hand, growing competition in the local market.
It has also been reported that there was a pressure from the Oppo management on the India team as it was not able to get desired results at a time when Xiaomi captured the pole position for almost a year in the country.
“During a meeting between the board of directors of OPPO Mobiles India Private Limited on the 28th November, 2018, it has been mutually decided that Mr. Yi Wang, managing director of the company, will step down from his position effective 30th November, 2018. Wang played a crucial role in Oppo’s journey in the country, since it entered the Indian market,” the company stated.
Talking about the losses, the company saw them widening to Rs 358 crore in 2017-18 from Rs 42 crore a year ago. They reported a net loss of Rs 778 crore for the half year ended September 30, 2018.
Sources also mentioned that the company is looking to borrow Rs 350 crore (US$ 500 million) in the form of external commercial borrowing to support business operations and expansion.