Mivi One 5G Mobile Launch: Micromax’s Old Factory Bhagwati That Makes Oppo, Vivo, OnePlus Phones In Greater Noida Will Now Make For Mivi

News tech Mivi One 5G Mobile Launch: Micromax’s Old Factory Bhagwati That Makes Oppo, Vivo, OnePlus Phones In Greater Noida Will Now Make For Mivi

Mivi One 5G Mobile Launch: Micromax’s Old Factory Bhagwati That Makes Oppo, Vivo, OnePlus Phones In Greater Noida Will Now Make For Mivi

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Last Updated: September 06, 2026, 12:31 IST

Mivi One 5G Mobile Launch: Micromax's old factory arm, Bhagwati Products, that makes phones for Oppo, Vivo, OnePlus and other 'Chinese' brands will now make the Mivi phone.

Mivi One 5G Mobile Launch: Mivi joins Oppo, Vivo and OnePlus as the latest brand built by Bhagwati Products at its Greater Noida plant. (Image: Screenshot from Bhagwati Products Limited website)

Mivi is launching its first “Make in India" smartphone named Mivi One 5G very soon. Mivi is a well-known brand for accessories, however, making smartphone is a different league altogether! So, how is Mivi able to launch a “Make in India" suddenly? Well, a quick search on the Bureau Of Indian Standards website helps.

Most smartphones sold in India carry a “Made in India" label. Very few buyers know who actually assembles them. In most cases, it’s one company: Bhagwati Products Limited, Micromax’s old manufacturing arm.

Micromax lost the retail phone war to Chinese brands years ago. But its factory business didn’t shut down. It grew bigger than the Micromax phone brand ever was.

Now, coming to Mivi, the company has already announced that it’s launching a smartphone. BIS runs a public dashboard where anyone can search by brand name, not just by R-number, and pull up every model a company has registered along with its actual manufacturer. A search for “Mivi" surfaces the name Bhagwati Products (screenshot below).

From Micromax’s Factory To Everyone Else’s Factory

Bhagwati was set up in 2002. It was first registered as “Bhagwati Cookies & Wafers Limited," a bakery products company. The name changed to Bhagwati Products Limited in 2003, and it moved into electronics manufacturing for Micromax.

For years, Bhagwati mainly built Micromax’s own phones. That changed in September 2024, when Shanghai-based Huaqin Technology bought a 49% stake in the company for ₹514 crore. Huaqin is the world’s largest ODM for phones, tablets and laptops. It already designs devices for Oppo, Vivo and other global brands behind the scenes.

Once that deal closed, orders from Oppo and Vivo started coming in. Bhagwati took over Vivo’s old manufacturing plant in Greater Noida and leased part of Oppo’s Greater Noida facility too.

Bhagwati now manufactures phones and other devices for:

Oppo

Vivo

OnePlus

Realme

iQOO

Motorola

Acer

Lenovo

MiPhi

The latest addition is Mivi. A Bureau of Indian Standards filing shows Bhagwati is registered to manufacture the upcoming Mivi One 5G at its Greater Noida plant. Mivi is best known for earbuds and is entering the phone market for the first time.

Bhagwati runs a 1.5 million square foot plant in Greater Noida, plus units in Bhiwadi, Hyderabad and Rudrapur. Together, these plants turn out around 2 million smartphones a month. The company is targeting 25 million units by the end of the year.

Bhagwati’s revenue went from ₹620 crore in FY24 to ₹6,200 crore in FY25. That jump lines up almost exactly with the Huaqin deal and the new Oppo and Vivo orders. The company is targeting ₹15,000 crore in FY26.

Bhagwati is also a beneficiary of the government’s PLI scheme for smartphones, which rewards local manufacturing with cash incentives.

Bhagwati IPO

Bhagwati has started the process for an IPO. It’s targeting a raise of over ₹3,000 crore, at a valuation above ₹20,000 crore. ICICI Securities, Axis Capital, Kotak Mahindra Capital, IIFL Securities and Goldman Sachs are handling the issue. The draft prospectus is expected within a few months, with a possible listing next year.

The company is also trying to move beyond assembly work. It wants to become an ODM itself, handling full product design as well as manufacturing, and is looking to expand into PCs and automotive electronics next.

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Quick Answers Powered by Ask News18 Which company manufactures the Mivi One 5G smartphone? The Mivi One 5G smartphone is manufactured by Bhagwati Products Limited at its Greater Noida plant. Bhagwati Products is also known for manufacturing phones for brands like Oppo, Vivo, and OnePlus. When did Bhagwati Products start manufacturing electronics for Micromax? Bhagwati Products Limited changed its name from Bhagwati Cookies & Wafers Limited in 2003 and subsequently moved into electronics manufacturing for Micromax. What is Bhagwati Products' target valuation for its upcoming IPO? Bhagwati Products is targeting a valuation of over ₹20,000 crore for its upcoming IPO, with a goal to raise more than ₹3,000 crore. The draft prospectus is expected within a few months. Powered by Ask News18

About the Author Debashis Sarkar Debashis Sarkar, Editor at News18 Tech, reports on all things technology and connected lifestyle gadgets. He started off when India was yet to see its first Android smartphone and has been tracking te... Read More

First Published: September 06, 2026, 11:55 IST

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