The phone will be available exclusively on e-commerce portal Snapdeal only.

"Canvas Nitro is yet another product from the Micromax stable to democratize technology with amalgamation of superior technology, great design and seamless usability. Our partnership with Snapdeal further simplifies the process for millions of new-age Indian consumers who prefer to shop online to get Canvas Nitro with just a few clicks," Vineet Taneja, chief executive officer, Micromax said.

The phone comes with a 1.7GHz Tru octa-core processor for seamless multi-tasking and improved application performance. Equipped with a 5-inch HD IPS display, the phone offers a contrast and colour vibrancy with an immersive graphic quality.

Running on latest Android 4.4 KitKat, the users can access features including voice search, Google Drive, Hangouts for video calls, smart contact prioritization and others.

The phone also has 2 GB RAM and 8GB ROM.

According to International Data Corporation (IDC), Micromax, with 18 percent of the marketshare, was second placed in the Indian mobile market in the second quarter (April-June) of 2014.

The overall India mobile phone market stood at 63.21 million units in the second quarter in 2014, which is a 5 percent quarter-on-quarter growth against the first quarter (January-March) of 2014. It attributed the growth to both product categories - smartphones and feature phones, IDC said.