Upstart Rises 879% as Founder Bets on Making Phones in India
- Dixon Technologies has increased phone sales with local demand
- Prime minister has made manufacturing a cornerstone of agenda
This article is for subscribers only.
Almost three decades ago, Sunil Vachani borrowed $35,000 so he could start making 14-inch television sets in a rented shed outside New Delhi. It was an unconventional choice given India, though renowned for software and services, had long lagged behind in manufacturing.
Today, Vachani’s startup has grown into a sprawling electronics empire. His Dixon Technologies India Ltd. boasts a market value of more than $2.8 billion and the capacity to produce about 50 million smartphones this year. It’s an early indicator of the country’s opportunities -- and challenges -- in building a sophisticated manufacturing sector, a top priority for Prime Minister Narendra Modi.