Four years ago, Micromax’s office in Gurugram was at par with the likes of Google. The multi-storeyed building had open spaces, rooms aplenty, and even balconies and terraces where parties could be thrown.

Today, the company operates out of a single floor in a common office complex in Gurugram. The once-swanky office now has only a few cabins, far fewer employees, and is quite cramped. Incidentally, in 2014, Counterpoint Research put Micromax at the helm of the booming Indian smartphone market. It even surpassed Samsung, and shipped more phones than any other brand in India. In fact, home-grown smartphone brands such as Micromax, Lava, and Intex once cornered nearly 54% of the market share. The same brands have a...