The 8-inch device, comes equipped with 1.2 GHz quad core processor, 1GB RAM and runs on Android 4.2 Jelly Bean operating system.
"With today's launch, we aim to extend the Canvas experience to our users on the tablet PCs, supported by an entire eco-system of applications," Micromax co-founder Rahul Sharma said in a statement.
He said with the launch of this latest device, the company is looking at consolidating its position in the tablet category.
According to CMR's tablet PC market review, in the first quarter of 2013, over 905,000 tablets were sold by as many as 53 domestic and international vendors in the country.
Datawind has a 15.3 per cent market share of the Indian market, while Micromax has a 12.3 per cent share and Apple stood at number three with a 11.7 per cent market share, the review said.
Sharma said the Canvas tab is the first device in the series and the company is planning to come out with a plethora of products soon.