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Realme To Hire New India Head From China, Current CEO Madhav Sheth May Resign
According to sources, realme plans to make the India statement as soon as possible, as the domestic smartphone market is in flux
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Global technology brand realme is poised to replace India business head Madhav Sheth with a top executive from its China-based headquarters on Thursday. Sheth may leave the company once an official statement is issued, according to the sources.
The move does not bode well for the company, which has cemented its position in a highly competitive market at the mass level, with Sheth, as its India business lead, quickly becoming the company's sole face.
According to sources, realme plans to make the India statement as soon as possible, as the domestic smartphone market is in flux.
Sheth, as a seasoned professional, obviously understands the local market dynamics, something that the incoming Chinese executive may lack.
Another source of concern for realme is that having a Chinese national at the helm may send a negative signal to the Indian government, which is already investigating Chinese-owned businesses, particularly smartphone vendors, for alleged tax evasion in the thousands of crores.
Sheth, the current CEO of realme India, Vice President of realme and President of realme International Business Group has been at the forefront of developing consumer goods with cutting-edge technologies, features and designs.
With over 17 years of expertise, he is an award-winning global business leader who leads the company's strategy development, product engineering, business development, market operations, and brand-building initiatives, among others.
Sheth is completely responsible for realme's overseas business operations, reporting directly to Sky Li, realme's founder and CEO.
realme was formally established in India on 4 May 2018 by its founders Li and Sheth.
Sheth concentrated on the creation of AIoT devices and smartphones for Indian consumers, with the aim of improving their lives through the creation of fashionable and high-tech lifestyle smart products.
Under his leadership, realme India expanded into AIOT products with Smart TVs, Smart wearables, and Smart wearables, and expanded mainline presence across the country with realme exclusive stores; strengthened its 'Make in India' commitment with local manufacturing and exports to Nepal region and popularised the adoption of 5G-enabled smartphones.
realme was the third-largest smartphone brand in India in Q1 2022, and the fastest-growing major 5G brand in the world in Q4 2021, with a 166 per cent increase in worldwide 5G smartphone shipments.
According to IDC, the company ascended to the second spot for the second time, with a strong YoY growth of 24 per cent (the highest among the top five vendors) in Q2, 2022. According to Counterpoint Research, it increased by 2 per cent quarter on quarter in the third quarter of last year.
With affordable model offerings in the C-series, realme cemented its second place in the online channel with a 23 per cent share.
realme is the No 5 Android smartphone brand in the world and the newest brand to reach 100 million sales in 37 months.
His goal for the next five years was to make realme the most adored tech-lifestyle brand in the nation.