Samsung sees strong demand for Galaxy S23 series in India

Samsung wants to see double-digit growth this year after a tough 2022.

After a tough 2022, Samsung has begun the year with a bang as it saw unparalleled demand for its latest flagship series of smartphones, the Galaxy S23, in India.

The Economic Times reported that Samsung "received almost 1,40,000 pre-books of the Galaxy S23 series within the first 24 hours of opening up pre-bookings," according to Samsung India senior vice president Raju Pullan.

Pullan said that at an average price of Rs 1 lakh per unit, it adds up to Rs 1,400 crore in revenue from pre-orders in less than 24 hours.

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He added that Samsung had spent nearly 1.5 times more in advertising and retail expansion in preparation for the release.

Samsung announced that the Galaxy S23 series would be manufactured in India from Day 1 at its Noida facilities, ensuring smooth delivery timelines for the customers.

Pullan added that local manufacturing will "ensure the products are available across all regions from the first day of the sale".

One of the key factors in growth has been Samsung's proprietary financing scheme, which Pullan said "had the lowest delinquency ratios in the industry," and "has been extended to almost 18,000 pin codes, covering 60,000 stores".

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Samsung is ambitious in its plans for this year, and wants to see double-digit growth in the premium segment.

After a slow start in 2022, Samsung pulled itself up to the top position in Q4 2022, beating Xiaomi for the spot. Overall, 2022 was slow for Samsung and component shortage meant they shipped 16 percent fewer units than in 2021.

The Indian smartphone market is scheduled to see slow growth this year, with analysts predicting the market will see a single-digit growth at best.