The firm is also in process to set up a joint venture for starting manufacturing of devices in the country.
"Our target is to achieve revenues of over Rs 6,200 crore or USD 1 billion in financial year 2014-15, of which smartphones will contribute 75 per cent," Lava International Chairman and Managing Director Hari Om Rai told PTI.
At present, around 60 per cent revenues are coming from smartphones segment, he added.
He said the company has clocked in revenues of Rs 2,909 crore in FY 2013-14.
The company is in talks with various partners to set up a joint venture (JV) for manufacturing handsets in India. The JV is likely to be finalised by September and after that it will start manufacturing.
"We are very focussed on manufacturing in India. The talks with partners for JV is going on and we are also in touch with various state governments for land," Rai said.
He said manufacturing for the company in India would be easy because it has its own designing team.
"Right now, we have 200 engineers working for us in China. We design our own phones, buy the components and than outsource the manufacturing to third party," he said.
Rai said he believes India requires manufacturing to employ huge population.
Lava, which aims for 2.5 million monthly sales by June- July, is targetting to achieve 8-10 per cent of the revenue market share in smartphone segment.
The company will also come out with a series of Windows- based phones by July in the range of Rs 6,500 to 8,500.
Rai said the phones will be based on Qualcomm Snapdragon 200 processor and will run on the Windows Phone 8 platform.