He also said the company has new models in the pipeline. The company, which had a massive advertising budget of Rs. 80 crore a month, stopped selling its products through offline retail stores in December.
LeEco India has just fired 85 percent of its employees, and it seems like the company is leaving the country.
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LeEco has also responded to speculations around its product roadmap for India followed that were triggered after a relatively slower product launch frequency in last few months.
Note that in November a year ago, LeEco's co-founder Jia Yueting said that the company was running out of cash in its bid to expand its businesses from electric cars to smartphones. Jobs have been shed at both the Mumbai and Delhi offices that currently have skeletal staff, while the company is now firing people at the research and development centres in Bengaluru, sources said.
Confirming the senior management exit, LeEco India Chief Operating Officer Alex Li further denied any plans to exit the Indian market. "All this certainly does not signal a company in wind-up mode", read the company statement.
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"The resource head count in India is well aligned to the scale of operations envisioned and in line with industry benchmarks", it added.
Bloomberg had cited the billionaire chairman's letter likening the expansion to speeding blindly, causing cash demands to balloon.
Industry executives attributed the likely exit to the financial crisis at the parent firm and its decision to focus on China and the United States, the report said. Already, the company has lost some of its top executives in India.
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LeEco apparently told ET that they're not exiting the country and that they're scaling back operations inline with their profitability and revenue targets for the year. Demonetisation also had a big role to play in the falling sales in the Indian market. "All businesses need to be profitable to be sustainable".