1. LeEco raises $600 million in funding

LeEco raises $600 million in funding

LeEco, the China-based technology company, on Tuesday announced that it has raised $600 million in funding. The company declined to share more details about the investment.

By: | New Delhi | Updated: November 16, 2016 7:57 AM
In September 2014, the company had raised .4 million from CHT Capital in Series-B funding. (Logo) In September 2014, the company had raised .4 million from CHT Capital in Series-B funding. (Logo)

LeEco, the China-based technology company, on Tuesday announced that it has raised $600 million in funding. The company declined to share more details about the investment.

In September 2014, the company had raised $55.4 million from CHT Capital in Series-B funding.

Following its launch in India, LeEco had an exclusive partnership with Flipkart, but ahead of the festive season, it launched its products across all e-commerce platforms – Amazon India and Snapdeal.

LeEco reported total sales of R200 crore during the festive season in the first week of October. The company sold 200,000 mobile phones, 1,800 televisions and more than 500 accessories across the three e-commerce portals and its own marketplace– LeMall.com, during the period.

Recently in an interview to FE, LeEco India COO Atul Jain said, “I expect 40-50% of users to renew the subscription.”

The membership provides audio and video content via partnerships with YuppTV, Eros Now and Hungama and charges subscription of R4,900 annually if the user decides to renew subscription after the first year.

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