Indian sales also nosedived after the November currency swap, hastening the decision, they said. However, a senior executive with aleading ecommerce marketplace that does business with LeEco said the company is preparing to exit India as it has been struggling to find a winning formula, with demonetisation further hurting sales. So, LeEco found it neither here nor there," he said, requesting anonymity. Another senior industry executive said LeEco was currently liquidating stock and will exit in the next few months. The company had said it sells the devices at no profit, since it planned to make money by selling content for the devices.

Source: Economic Times March 02, 2017 20:00 UTC