New Delhi

MICROMAX Informatics Ltd, the Indian smartphone maker threatening Samsung Electronics Co's lead in the world's second-largest market, plans to raise more capital to help it break away from foreign rivals.

The company is considering outside investment to develop locally focused software to complement mobile phones already available in 21 local languages, CEO Vineet Taneja said. Micromax expects to hit US$2 billion in sales in the fiscal year that ends this month, Mr Taneja said, up from US$1.2 billion last year.