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It has only been four months that <keyword id="2784463" type="UNKNOWN" weightage="100" keywordseo="Jia-Yueting">Jia Yueting</keyword>, founder of <keyword id="3205550" type="UNKNOWN" weightage="100" keywordseo="LeEco">LeEco</keyword>, announced that his company was fast running out of cash, and now, as per reports, the company has fired 85% of its India staff, followed by two leadership exits. 
 
Industry experts believe this to be a sign of the start of the end of company’s stint in India. 
 
Also read: <a href="http://www.businessinsider.in/Le-Eco-is-now-ambitious-to-reach-out-to-global-market/articleshow/55008299.cms">Le Eco is now ambitious to reach out to global market</a> 
 The two leadership exits that the company saw were of Atul Jain, COO of smart electronics business, and <keyword id="304558" type="PERSON" weightage="100" keywordseo="Debashish-Ghosh">Debashish Ghosh</keyword>, COO for Internet applications, services and content. 
 
In its <a href="http://www.businessinsider.in/LeEco-gets-new-APAC-President-and-secures-US600-million-new-funding/articleshow/55438255.cms">glorious days</a>, LeEco got the better of rivals like Xiaomi, Oppo and Vivo with an advertising budget as high as Rs 80 crore a month. However, in December, it started withdrawing sales through offline retail stores. A month before that, employees had got a mail from Jia Yueting, in which he said that the firm had burnt cash too quickly in a range of ventures from mobile phones to <a href="http://www.businessinsider.in/report-leecos-self-driving-car-was-actually-piloted-by-remote-control-and-designed-by-faraday-future/articleshow/56010316.cms">driverless cars</a>. 
 
Cost cutting was one of the possible solutions mentioned in the mail. 
 
Also read: <a href="http://www.businessinsider.in/LeEco-goes-from-massive-global-launch-in-the-U-S-to-cost-cutting-programs-in-China-to-India-becoming-the-companys-future-all-in-three-weeks/articleshow/55353378.cms">LeEco goes from massive global launch in the U.S. to cost cutting programs in China to India becoming the company’s future, all in three weeks</a> 
 
As per industry executives, LeEco would exit India because of both the financial crisis at the parent firm and their decision to focus on China and the US. <a href="http://www.businessinsider.in/Heres-how-smartphone-companies-across-all-segments-were-affected-by-demonetization/articleshow/55755850.cms">Demonetisation</a> also had a big role to play in the falling sales in the <keyword id="47445" type="UNKNOWN" weightage="100" keywordseo="Indian-market">Indian market</keyword>. 
 
However, LeEco India COO Alex Li denied any plans to exit the market or liquidate stock, stating that it was due to change in strategies that led to the layoffs. 
 
"All businesses need to be profitable to be sustainable. That has been the primary objective in taking certain measures, though the numbers (of layoffs) indicated are incorrect," Li told ET. 
 
It was in last February that LeEco had entered India, and became customers’ favourite because of great deals on smartphones and large-screen LED television sets. All of it was supported by big advertising budget of as much as Rs 80 crore per month, which possibly led to the downfall. 
 
(Image source: Android Headlines)

With 85% of its staff gone, LeEco might soon exit India

<keyword id="3205550" type="UNKNOWN" weightage="100" keywordseo="LeEco">LeEco</keyword>, the internet and ecosystem conglomerate successfully concluded its fifth round of Meetup in New Delhi which received overwhelming responses from <keyword id="1608532" type="UNKNOWN" weightage="100" keywordseo="Superfans">Superfans</keyword>, tech enthusiasts, bloggers and influencers, with more than 500 people signing up for the event. At the Meetup, participants were given a hands-on experience of the super products prior to their official launch in the Indian market on June 8th. LeEco also presented several videos to the audience to take them through the company’s India journey so far, its unique ecosystem and also the products in its portfolio. 
 
 
 <keyword id="310615" type="PERSON" weightage="100" keywordseo="Le">Le</keyword> Meetup proved to be a great encounter for Superfans and the bloggers’ community, giving them an opportunity to get a peak in, “2Future”, the theme of the upcoming launch event on June 8th. Additionally, there was a lively exchange of information and valuable feedback that made the whole session highly engaging. 
 
Commented one of the SuperFans present at the event “It was really exciting to be part of this event that gave us a preview of the futuristic leap LeEco is all set to take in India. We also appreciate that the company representatives chose to interact with us personally which will certainly strengthen our bonds with the brand.” 
 LeEco had already conducted 4 <keyword id="3393402" type="UNKNOWN" weightage="100" keywordseo="Le-Meetups">Le Meetups</keyword> earlier in New Delhi, Bengaluru and Hyderabad. So far the fifth one is the largest regarding the scale. Le Meetups are about Superfans’ voice being heard and making connections with LeEco staff personally. It included a session of Q&amp;As with LeEco staff and giveaways. 
 
LeEco frequently conducts such Meetups with its Superfans across cities. Sometimes it conducts polls before deciding upon the city to hold Le Meetup. So those Superfans who are hoping for such Meetups in their home city, don’t be disheartened. A post from the company in its LeMe community reads the following: “We know we’ve only held Le Meetups in Delhi, Bangalore and Hyderabad, but rest assured, all-India plans are in the works and you’ll get a happy update way sooner than later. Expect hands-on sessions, early access to new superproducts, contests and much, much more!” 
 The unprecedented response from Superfans is not surprising. Given that LeEco has become the fastest selling brand in <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and has sold more than 5 lakh units of Superphones in 100 days in India. Many have already been speculating that the forthcoming launch event by the company on 8th June 2016 will certainly be worth the wait.

LeEco holds the fifth Meetup in India, warming up for the grand launch

Strengthening its foothold in India, <keyword id="3205550" type="UNKNOWN" weightage="20" keywordseo="LeEco">LeEco</keyword>, the global technology and internet conglomerate, has filed an application with the Foreign Investment Promotion Board (FIPB) for undertaking single brand retail trading of electronic products both through brick and mortar stores and e-commerce portal. The company has also sought relaxation from the 30% domestic sourcing rule so that it can bring in "cutting edge technology" and “state-of-the-art” features to Indian consumers. 
 
The technology and internet giant which entered the India market early this year in January, introducing its unique Ecosystem model and launching its two Superphone models- Le 1s and Le Max, has received a great response from industry as well as consumers in a short span of time. Owing to its breakthrough technology, disruptive pricing and comprehensive vertically integrated ecosystem, the brand has created ‘market disruption’ in true sense, which is also evident from the milestones its Superphones have created in the industry. 
 
With plans to open fully owned exclusive retail stores in top 8 to 10 cities, starting with New Delhi, Mumbai, Bengaluru, LeEco plans to display its entire Ecosystem ranging from phones, TVs, VR Headsets, Bluetooth devices and power banks. Additionally, the company will also open 500 franchise stores to ensure its consumers can experience their breakthrough products and unique content integrated offerings across its device ecosystem. 
 
"India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. We are committed to offering our users cutting edge technology at disruptive prices. We have received a great response from consumers so far for our Superphones and now plan to strengthen our presence in the market by opening our own stores and e-commerce portal to offer our users the best-in-class experience”, said Atul Jain, COO, Smart Electronics Business, LeEco India. 
 
“We at LeEco are also aligned with the Government’s Make in India initiative and also plan to start manufacturing in India very soon”, he added. 
 
Earlier this month, the global player also announced setting up in-house Content Delivery Networks (CDNs) in 10 cities across India by end of 2016, making a significant investment of over 10 million USD to set up this CDN/cloud infrastructure. Offering consumers a comprehensive Ecosystem, which is unique to the company globally, LeEco plans to replicate its successful model in India. Also, LeEco had shared its plans to set-up our R&amp;D centre in Bangalore with a staff of 1000 employees by the end of 2016. 
 
LeEco has a comprehensive ecosystem model globally consisting of devices, content, cloud and a user interface platform, which clearly sets apart the company in the technology and internet space in India as well. The LeEco devices connected by Le Ecosystem are the company’s biggest differentiator.

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