Produced by: Mohsin Shaikh
Dixon began in a rented Noida shed in 1993 with ₹40 lakh and a dream. Today, it commands a $10B market cap and manufactures for giants like Samsung, Xiaomi, and Motorola.
As global brands flee China for cheaper, stabler shores, Dixon is India’s sharpest spear—offering cost parity and scale that rival Chinese factories.
FDI curbs forced Chinese brands like Vivo and Realme to hand over manufacturing to Dixon. It’s a twist: Indian firms now build Chinese tech, on Indian terms.
Dixon is riding India’s Production-Linked Incentive schemes like a rocket—scoring subsidies across five verticals from smartphones to ACs. Few firms qualify for even two.
By mirroring Chinese efficiency, automating aggressively, and benchmarking relentlessly, Dixon now makes smartphones at near-Chinese prices—without the baggage.
Through backward integration, Dixon is reducing China’s grip—producing display modules, SSDs, and power units domestically. Supply chains are quietly shifting.
Dixon isn’t just replacing Chinese imports—it’s shipping Motorola phones and lighting gear to the U.S. and Europe, breaking Beijing’s long-time export monopoly.
Its JVs with Chinese firms are designed smart: Indian firms hold majority control, and Chinese execs are barred from top roles. The tech comes in, but not the risk.
With ₹1,800 crore pledged to EV electronics, Dixon is eyeing electric vehicles as its next conquest—pushing India into the driver’s seat of the future.
Representative pic