It was only recently we informed our readers about how the fascinating and much controversial $4 Smartphone from Indian Startup Ringing Bells is going to be out in the market this week. But, now we hear there’s trouble in the Ringing Bells paradise itself and the much-awaited phone will most probably not able to make to its this week’s deadline.
Having opened the pre-booking for Freedom 251 at a super attractive price of Rs. 251, the company received a phenomenal response. But, despite all this the company failed to source the much awaited phones at the promised sale price, thus having to forcefully sell the phones at a huge loss of more than Rs. 900 per phone. This particular fact is in massive contradiction to the company’s earlier claims of making a profit of Rs. 31 per unit.
And, now it seems these money troubles has weakened the ties of the top officials at the management level. Apparently, Ashok Chadha, who has been the face of Ringing Bells since its very inception in February this year, has left the company hanging midway in the lurch.
According to sources, Chadha had a heated session with promoter Mohit Goel over the company’s financial matters after which he decided to call it a day. But, Chadha has a very different story to tell. According to him, he was never an internal part of the Ringing Bells company and was just providing his services as a consultant.
The current situation of Ringing Bells is not at all good. According to sources, the company is currently in the midst of a big financial puddle and is desperately on a lookout for investors who will be able to fund the firm’s procurement plans.
Company insiders reveal that procurement cost per unit is around Rs 1200, which means the firm is currently facing a loss of around Rs 950 on each device.
Whether the bells of Ringing Bells phones ring in the future or not, is something we will have to wait and watch.
Discussion about this post