Micromax YU brand’s first smartphone, Yureka which went on sale early today for the first time in India via Amazon went out of stock within 3 seconds. 10,000 units was put up for purchase. Over 300,000 people registered for the first flash sale of the handset in India. The Yureka is priced at Rs. 8,999.

Micromax announced that the next flash sale will take place on January 22. The company has not revealed the number of units available to the customer for the January 22 sale.

The unique selling point of Yu handset is that they run on CyanogenMod-powered Android OS and is a budget friendly 4G LTE smartphone. It will compete with Xiaomi's Redmi Note 4G which was also up for grabs in Flipkart today.

To recap, Yu Yureka  features a 5.5-inch 720p IPS display and is protected by Gorilla Glass. It is powered by a 64-bit 1.5GHz octa-core Snapdragon 615 SoC, Adreno 405 GPU and paired with 2GB RAM and 16GB Internal storage with microSD card support upto 32GB. The 4G enabled handset runs Cyanogen OS 11 based on Android 4.4 KitKat.

Lenovo is expected to launch a new budget smartphone in the same category dubbed A6000 which will compete with Yureka and Redmi Note 4G. It will go in sale via Flipkart on Friday, January 16.