iPhone sales in India up by 51% YoY, Apple stores coming soon

Apple's CEO Tim Cook during earning call for Q3 2016 confirmed that the company will be setting up retail stores in India. Cooks also said that India is Apple's fastest growing markets. Even though the company's revenue dropped, iPhone sales in the country have grown 51% from the same period in 2015.

"India is now one of our fastest growing markets. In the first three quarters of this fiscal year, our iPhone sales in India were up 51 per cent year-on-year," Cook said in earnings call "We’re looking forward to opening retail stores in India down the road, and we see huge potential for that vibrant country," he added.

For a long time, Apple has been trying to open its retail stores in the country. The company filed a proposal with DIPP in January this year, which got rejected, and had to resubmit the proposal again in March with necessary changes.

In June, the government refreshed FDI (foreign direct investment) policy and allowed 100 percent FDI in retail, which cleared the way for Apple to open retail stores in the country. Until now Apple has been selling it products in the country though distribution partners like Redington, Ingram Micro and retail chains of Reliance Industries. Once Apple opens its retail store, it can sell iPhones, iPads, Mac and accessories in the country directly to the customers, eliminating middleman.

Cook during earnings call also mentioned Apple's first-of-its-kind design and development accelerator, for which the company recently leased 40,000 square feet office space in Bengaluru. In May, Apple opened technology centre in Hyderabad to accelerate Maps development.