Indian firm launches £5 smartphone, thought to be world's cheapest

At just over Rs500, handset sold by Ringing Bells is evidence of domestic companies competing strongly with Chinese imports

A little-known Indian company is launching a smartphone on Wednesday believed to be the cheapest in the world, targeting a market already dominated by low-cost handsets.

Set to be priced at under 500 rupees (about 5.10), domestic handset maker Ringing Bells' Freedom 251 smartphone is about 1% of the price of the latest Apple iPhone.