It's true, Pepsi is dipping their feet in the smartphone industry. The iconic beverage brand has announced the release of the Pepsi Phone P1, a new mid-range handset that's surprisingly impressive and affordable.

According to a report from GSM Arena, the Pepsi device was manufactured by Shenzhen Scooby Communication Equipment. The specs of the P1 are decent including an aluminum body with a 5.5-inch 1080p display coated with 2.5D glass.

Under the hood, the debut smartphone of the brand is powered by an octa-core MT6592 chipset with a dido OS and software based on the Android 5.1 Lollipop. It's fitted with a 13-megapixel rear camera, a five-megapixel front camera and a 3,000 mAh battery. At the back, there's a fingerprint sensor, plus the iconic Pepsi logo.

The new Pepsi Phone P1 has dual-SIM capabilities and LTE connectivity. The second SIM can be used with a microSD card.

Along with the impressive features, the handset comes with a charger, cable and a protective case. Those interested can already pick up the Pepsi Phone P1 on the JD website for CNY 699 or $110. Only a limited offer of 1,000 units is available.

More details were revealed about the Pepsi Phone P1 in a report from G for Games. According to the website, the project was developed as a fundraiser on the Asian-based JD Finance, which functions much like Kickstarter.

This project has a target of CNY 3 million or roughly $470,000 by Thursday, Dec. 3. So far, CNY 570,000 or $89,000 have been raised to meet the goal.

Consumers interested in supporting the smartphone can donate at least CNY 1, which will grant them entry in a raffle for a handset. Guaranteed Pepsi Phone units were granted to those who donated CNY 499 or $78, but the limit of 1,000 units has already been maxed out. Right now, the limited offer for CNY 699 or $110 is ongoing. An unlimited number of units are available for commitments of CNY 1299 or $203.

Are you interested to grab Pepsi's new smartphone?

Pepsi continues to extend their reach beyond the beverage they are primarily known for and they are always known for being in tune and on trend with pop culture.

According to a report from Bloomberg, the brand recently kicked off a three-episode arc on hit television show "Empire." In the series, Jamal Lyon is attempting to hype up his star status by becoming the face of Pepsi. The "Empire" writers reportedly were the ones who approached the brand, but it's also the ideal platform for Pepsi to make itself visible in a large stage.