"Pixel V1 was developed by close coordination between product R&D teams at Lava and Google. We believe the device is the right mix of hardware and software and we are confident of it doing well in the market," Rai said.
It will be available online through Flipkart.com from today as well as over 2,000 stores and over 65,000 multi-brand outlets.
Lava will invest Rs 2,615 crore over the next seven years to set up two manufacturing units in the country, in line with the government's 'Make in India' initiative.
Once operational, the units will have a combined capacity of 18 million handsets per month.
"We have put in place a plan to invest Rs 2,615 crore to set up two more manufacturing units in India -- one in the north and the other in South India," Lava International Chairman and MD Hari Om Rai said.
He added that the expansion will be funded through internal accruals. "Some portion of the earmarked amount will also go into research and development," he said.
On the expansion plans, Lava International Chief Manufacturing Officer Sanjeev Agarwal said: "The funds will be deployed over a period of seven years. We are in discussions with various state governments and we should be able to close in on a decision in the next three weeks."

According to research firm IDC, Korean electronics giant Samsung led the smartphone market in India with 22 per cent share, followed by homegrown vendors Micromax (18 per cent), Intex (8 per cent) and Lava (7 per cent) and Chinese smartphone maker Xiaomi with 4 per cent share.