HMD Global, which designs and sells Nokia brand of smartphones and feature phones, today said India has become one of its top three global markets within 11 months of launch.

HMD Global is also pumping in significant investment into the Indian market as it looks to become one of the leading players in the country in the next 3-5 years.

“We started our journey very short 11 months ago… India is already among our top 3 markets… There is a potential in India to become our biggest country…because of the country size and also combination of our position as Nokia in the past,” HMD Global CEO Florian Seiche told PTI.

He added that the company has introduced a line-up of 11 devices – both feature and smartphones – across various price points to cater to various consumer segments in the country.

The other two top markets for HMD are Russia and Indonesia.

HMD Global today launched Nokia 2, its most affordable smartphone that will be available from mid-November. While the exact price was not disclosed, Seiche said it is expected to retail at about 99 euros (nearly Rs 7,500).

The handset features a 5-inch display and 4,100 mAh battery that HMD claims will last for two days.

“USD 100-150 price point is one of the most popular segments and is 17 per cent of the global market volume. In India, this segment is even bigger at 30 per cent of the volume,” he said.

Seiche, who took over as the new permanent CEO yesterday (from acting CEO after Arto Nummela stepped down three months ago), said HMD’s ambition is to become one of the leading players in India in the next 3-5 years.

“So therefore, we pick the segments where we see great opportunity. We believe that in this price band with Nokia 2, we gain traction very quickly,” he added.

Talking about the Indian market, Seiche said the company will expand its retail reach to one lakh stores by the end of this year.

“India is a very important market for us…India has been the home of Nokia phones for so many years. We are making significant investment here,” he said.