The device has a MediaTek 2GHz tru octa-core processor with 2GB RAM and has a 5-inch full high definition display.
"Canvas Knight is another milestone for Micromax to bring the best combination of technology, style and affordability for the masses," Micromax co-founder Rahul Sharma said in a statement.
The phone comes with a 16 megapixel rear camera and voice command capabilities wherein a user can click images by saying 'cheese' or 'capture' while on-the-move.
It runs on Android 4.2.2 Jelly Bean operating system and has a 2350 mAh battery and equipped with 32GB of internal storage.
"With MediaTek's Tru Octa-Core MT6592T, users can enjoy heavy web downloading, hardcore gaming, high-quality premium video viewing or other types of rigorous multitasking without experiencing lag times or excessive battery consumption," MediaTek General Manager (International Sales and Marketing) Finbarr Moynihan said.
Micromax, which is the second largest smartphone player in India, has 18.2% market share.