Apple Hits $6 Bn Sales In India, Revenue Grows By 50%

Ahead of its flagship store launch in Mumbai tomorrow, tech giant Apple has announced a new record of $6 Bn sales from India.

Further, Business Standard reported quoting sources that the company witnessed a revenue growth of nearly 50% since last year. Though Apple did not respond on it, Navkendar Singh, an analyst at IDC told the publication, “We can expect Apple to push hard on its sales and marketing levers to continue the surge in sales.” 

He furthered that the majority of the sales in India came from iPhones and wearable devices, but over the past two years, sales of MacBook also gained traction. 

The presence of Apple in India has been highly visible for some time now. Recently, the company reported tripled production of iPhones in India, to $7 Bn in FY23. According to reports, the Cupertino-based company now produces almost 7% of its iPhones in India as against a mere 1% in 2021. 

Apple began manufacturing iPhones in India in 2017, and since then, the company has worked with suppliers to assemble iPhone models and produce a growing number of components. Apple is eyeing major expansion across the country with its first official store set to be open in Mumbai tomorrow followed by Delhi on April 20. 

As per different reports, Cook has already arrived in India for the store inauguration ceremony to be held tomorrow.

Commenting on Apple’s association with India for more than 25 years, its CEO Tim Cook said, “At Apple, our mission is to enrich lives and empower people around the world. India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history — supporting our customers, investing in local communities, and working together to build a better future with innovations that serve humanity.”

Cook’s India sentiment has been prevalent in his recent comments as he said in February this year, “I’m very bullish on India.” Further, he addressed the Indian market as an ‘exciting one’ citing which, Apple is “putting a significant amount of energy” into the country.

Last month, following the recent retirement of Hugues Asseman, the vice president in charge of India, the Middle East, the Mediterranean, Eastern Europe and Africa, Apple undertook reshuffling of the leadership team to aim India as a key market.

Further, Apple’s supplier Foxconn has also been highly active in India. The company that manufactures 70% of all iPhones globally, announced an investment of $200 Mn in Telangana to set up a facility to manufacture AirPods.