“Goodbye can be disheartening, but the world is too small until we meet again. Farewell for now, but our paths may cross again soon, and that’s something to look forward to building a better and bigger me,” Sheth said in a social media post.
Sheth was serving as Vice President of Realme and President of Realme International Business Group and often shared that he co-founded Realme in India.
Realme is a subsidiary of the Chinese smart devices maker group BBK Electronics.
Sheth’s exit comes at a time when smartphone sales have been under pressure.
According to market research firm International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker report, smartphone shipments fell to a four-year low of 31 million in the first quarter and the overall smartphone market is expected to see a flat growth this year.
Realme smartphone shipment during the reported quarter plunged by more than half to 2.9 million units from 6 million units in the March 2022 quarter.
“After a fantastic journey, I am stepping down from my role at Realme and I am ready to embark on new adventures. The Government of India has taken many steps towards enhancing Indian exports for many years and I am happy to be a part of this and support the government’s plan. After a long conversation with Sky Li and also with his support, it’s time for me to contribute my share to the country’s export business,” Sheth said.
During his regime, Realme started exporting smartphones from India to Nepal.
In a tweet, founder Li said, “Thank you for your invaluable contributions, Madhav! Thank you for your uncompromising trust, accompanying me every step of the way from the very beginning. Although I’m reluctant to see you go, you have my confidence that you’ll bring great contributions to India’s export market”.
The company, in a statement, said that Realme has achieved remarkable milestones, solidifying its position as one of the fastest-growing smartphone brands worldwide under the leadership of Sheth.
“We extend our warmest wishes to Madhav for a successful future ahead. While we bid farewell to Madhav, we want to assure our customers, partners, and stakeholders that Realme’s operations will continue seamlessly,” a Realme spokesperson said.
