Home-grown smartphone brand Micromax is planning a comeback in the Indian smartphone market. The company could launch a new handset as soon as next month, according to a Business Today report.

Micromax India, on August 15, had uploaded a video across its social media handles stating that it will be “coming back soon”.

According to an ET report, Micromax co-founder Rahul Sharma had said that the brand is planning to invest ₹500 crore on expanding local manufacturing. It will also invest in research and development (R&D). The brand is set to rival Chinese brands currently dominating India’s smartphone market backed by the government’s production-linked incentive (PLI) scheme.

The brand, along with over 20 other companies, had applied for the PLI scheme which is meant to boost local manufacturing as part of the government’s initiative to make India ‘Aatmanirbahar’ (self-reliant), the government had said.

Micromax is aiming to launch 20 new handsets by the end of next fiscal. Its first new smartphone could be launched by the end of next month, reported Business Today.

Micromax was one of India’s leading smartphone brands before the arrival of Chinese brands that offered relatively superior products at a much lower price.

Currently, Xiaomi is leading the Indian smartphone market with a 30 per cent market share, according to reports.