Based on Android operating system, CyanogenMod offers features and options not found in the official firmware that is distributed by most mobile device vendors.

The dual SIM device will be available for pre-registration on eCommerce firm from December 19 and will be available from the second week of January.

"Going ahead, it will be about software more than hardware. Customisation and service will play an important role in determining the success of a brand. Yu imparts power to consumers to redefine the mobile space in the country by simply giving the control in a user's hand," Micromax founder
Rahul Sharma told.

The 4G device features Qualcomm Snapdragon 615 octacore processor and 64-bit multi-core CPU, 5.5-inch HD IPS display, and 2GB RAM, 16GB ROM, 12.5GB memory (for apps and mass storage and expandable upto 32 GB), 13MP rear and 5MP front camera and 2,500 mAh battery.

"Yu will allow users to root their devices, without voiding the warranty. This will allow users to run endless customisation on their device and offer an enhanced product experience, presently not being supported by any other brand in the country," he said.

Yu will work directly with developers' community and brands to build services right on the OS layer and offer a differentiated consumer experience, he added.

Asked about the future lineup of products, Sharma said the company is working on bringing out new devices in the first quarter of next year.

According to research firm IDC, the smartphone market in India grew at 84 per cent year-on-year in the quarter ended June 2014 to 18.42 million units from 10.02 million units (in April-June 2013 quarter).

Korean handset maker Samsung led the smartphone market with 29 per cent share, followed by Micromax (18 per cent), Karbonn (8 per cent) and Lava (6 per cent).