Gionee Chairman and CEO Liu Lirong has admitted to gambling away at least 1 billion Yuan ($144 mn).
Xiaomi reportedly sold nearly 37 percent of the phones that were replaced in Q2 2018.
Both smartphones were launched in China and have now been launched in India with a price tag of Rs 13,999 for the S11 Lite and Rs 8,999 for the cheaper F20.
Gionee, which established its presence in India in 2012, claims to have retail presence in over 42,000 stores and has 600 exclusive service centres in the country.
Gionee confirmed its restructuring plans last month, saying it will adopt a new business model under which distributors across the country.
To list the devices launched at the event, Gionee launched S11, S11S, S11 lite, M7, M7 Power, M7 Plus, M7 mini, and F205.
The other smartphones which would be launched alongside F6 and F205 are M7 Plus, S11, S11s and Steel 3.
The Gionee M7 Power with 13MP rear camera, 8MP front camera and a massive 5000mAh battery will be available across retail stores from 25 November.
The Gionee M7 power is expected to come with a 6-inch FullView display, 1.4 GHz Octa-core Snapdragon 435 processor, 4 GB RAM and 64 GB of internal memory.
Gionee F205 was spotted on GFXBench which had a 5-inch HD+ display in an 18:9 aspect ratio and powered by a MediaTek MT6739 processor.
Demand for better dual-camera on smartphone increases the growth in shipment to 123 percent in Q1 of 2017
Q2 growth can be attributed to the launch of OnePlus 5, the dual-camera smartphone shipments now constitute more than one percent of the overall shipments.
Diwali 2017: Here are the top five mobile phones with massive batteries that you should be looking at
While there are a number of devices in the market that provide 5,000 mAh batteries, there are very few devices available in India that offer more.
A report shows that Gionee could be working on a new smartphone with a 5,000 mAh battery bearing the number GN5007, suggesting this could be the M7 Power.
Whats is quite impressive is that the Gionee M7 has four cameras in total, two in the front and two in the back.
The new image of the Gionee M7, leaked on Weibo, reveals a dual-camera setup on the back of the phone along with a brushed metal unibody design.
Gionee teasers show that the M7 power will have very few bezels on the top and bottom and minuscule bezels on the sides.
Chinese manufacturer Gionee who is expected to launch the M7 soon, today teased an image of their upcoming phone, featuring a near bezel-less display.
Chinese smartphone manufacturer Gionee has launched Gionee X1, a 5-inch display smartphone priced at Rs 8,999 in India.
Worried about the possibility of a cyberattack Chinese business has gathered more support from within the administration of Prime Minister Narendra Modi,
Gionee has also partnered with Airtel and PayTm for some exciting offers on the purchase of 'A1 Lite'.