So, now it seems either Microsoft has one more low-end device in offering apart from Lumia 435 and Lumia 532 or may be this is the Lumia 532 variant for some markets like Indonesia and India. Lumia 435 variant for India is RM-1090 and we are not able to see a known Lumia 532 variant in Zauba records yet.
Thanks Shivam for the tip. Cheers!!