Freedom 251: What the World's Cheapest Smartphone Can Do

— -- There's now a smartphone that's about the same cost as a fast food lunch. The bad news: It's only available in India.

At 251 rupees -- that's about $3.74 -- the Freedom 251 is being billed as the world's cheapest smartphone. While it serves the purpose of texting, calling and using various apps, the phone also packs the kind of specs you'd expect from its low price tag.

The device is the latest release from Ringing Bells, a company based in Noida, India. Its mission is "to provide futuristic technology products of the highest quality and best service at the lowest cost of ownership," according to the company's website.

The 4-inch device is designed to empower everyone in India (a country with a population of 1.2 billion people) to have access to a smartphone.

The Freedom 251 runs on Android Lollipop, the second most recent version of Google's operating system. It comes with a number of pre-installed apps, including Facebook, WhatsApp, YouTube, Google Play and others.

Like any good smartphone, the device has a basic 3.2 megapixel rear camera and a .3 megapixel front-facing camera, allowing users to snap photos. The phone has 8 GB of built-in storage -- far less than more expensive smartphones but enough to store the basics. The Freedom 251 also comes with the option to use an SD card to expand the phone's memory up to 32 GB.

The Freedom 251 is available for order in India beginning on Thursday, according to its website.