Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.
Apple is making a splash in India with the opening of a massive 15-floor office in Bengaluru's Minsk Square. This time around, Apple has commissioned an entire building, reinforcing its commitment to the Indian market after recently setting up stores in Mumbai and Delhi.
The Bengaluru office will accommodate 1,200 people and will feature dedicated lab spaces, collaboration and wellness areas, and cafes. The entire building will run of renewable energy, aligning with Apple's commitment to the environment. The developers have used locally sourced materials and embraced eco-friendly practices, aiming for a top-tier LEED Platinum rating.
Minsk Square is located next to Chinnaswamy Cricket Stadium in Vasant Nagar, Bengaluru. The square gets its name from the eastern European city Minsk, capital of Belarus. Prior to its name change in 1989, the square was known as Queen’s Road Circle.
Often referred to as the silicon valley of its respective country, the Minsk and Bengaluru share a 35-year long relationship. This relationship was forged via the Sister City initiative which dates back to the post World War II era. Under this initiative, two cities in different countries come together in a bid to strengthen a bilateral exchange of relationships in the fields of trade, culture, education and information technology. Bengaluru has similar MoUs with Reno City in Nevada and San Francisco in the United States of America.
With a 6% market share, Apple is making its mark in the Indian smartphone market, having operated in the country for 25 years with almost 3,000 employees. Recent data from the International Data Corporation (IDC) revels Apple has surpassed Samsung to become the top smartphone vendor globally with a 20% market share in 2023.
In October 2023, multiple newspapers reported that Apple’s business in India was close to reaching a revenue of 50,000 crore rupees. According to data published in its filing with the Registrar of Companies, Apple witnessed a 48 percent increase in sales at 49,321 crore rupees and its net profit rose by a whopping 77% to 22,230 crore rupees. This has been the fastest growth in net profits for the company in India in the last five years.
Apple is also looking to increase production. According to an article published by the Economic Times, Apple produced iPhones worth 1,00,000 crore rupees in India last year through its contract manufacturers Foxconn, Pegatron and Tata-owned Wistron. It intends to ramp up production to 50 million iPhones in the next 2 to 3 years.
In FY 23, Apple became the first stand-alone brand to cross the $5 billion export mark from India. The company has exceeded its targets under the production-linked incentive (PLI) scheme offered by the central government which will now allow its contract manufactures to avail more benefits. This, along with the company’s plans to increase production of iPhones, could propel them to set up more manufacturing units in the country in the near future.
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