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New Delhi, March 23 (IANS) Global technology brand realme is set to replace India business head Madhav Sheth with a top executive from its China-based headquarters, reliable sources told IANS on Thursday. Sheth may quit the company once the official statement is made soon.
The move, according to industry insiders, does not augur well for the company which cemented its position in a market which is highly-competitive at the mass level, with Sheth, as its India business lead, became the sole face of the company within a short span of time.
According to sources, realme is set to make the India announcement as soon as possible, as the domestic smartphone market goes through a churning.
Sheth, being a veteran in the field, clearly has a command over the local market dynamics — something that the upcoming Chinese executive may not have in his kitty.
Another worry for realme, according to industry insiders, is that a Chinese national at the helm may send negative signals to the Indian government which is already after Chinese-run businesses, especially smartphone vendors, which were allegedly involved in tax evasion running into thousands of crores.
Sheth, currently the CEO of realme India, VP, realme and President, realme International Business Group has been at the forefront of creating consumer products with trendsetting technologies, features and designs.
An award-winning global business leader with over 17 years of experience, he spearheads the company’s strategy development, product engineering, business development, market operations and brand-building initiatives alongside others.
Sheth is fully responsible for realme’s overseas business operation, reporting directly to the founder and CEO of realme, Sky Li.
On May 4, 2018, realme was officially established by its founder Li and Sheth in India.
Sheth focused on the development of AIoT devices and smartphones for Indian consumers, with the goal of improving their lives by inventing fashionable and high-tech lifestyle smart products.
Under his leadership, realme India diversified into AIOT products with Smart TVs, Smart wearables and Smart hearables; strengthened mainline presence across the country with realme exclusive stores; enhanced ‘Make in India’ commitment with local manufacturing and exports to Nepal region, and popularised adoption of 5G-enabled smartphones.
realme emerged as the third biggest smartphone brand in India in Q1 2022, and the fastest growing major 5G brand globally in Q4 2021, clocking a 165 per cent growth in global 5G smartphone shipments.
The company climbed to the second slot for a second time, with a strong YoY growth of 24 per cent (highest among top five vendors) in Q2, 2022, as per IDC. It grew 2 per cent (on-quarter) in the third quarter last year, according to Counterpoint Research.
realme cemented its second position in the online channel with 23 per cent share with affordable model offerings in the C-series.
realme is the No. 5 Android smartphone brand globally and the youngest brand to achieve 100 million sales globally within 37 months.
In the next five years, his objective was to accomplish realme as the most adored tech-lifestyle brand across the country.