Xiaomi gets investment from Ratan Tata

Xiaomi gets investment from Ratan Tata

Chinese smartphone vendor Xiaomi today announced that it has got an investment from chairman of Emeritus of Tata Sons Ratan Tata. This is the first investment that the company has received from an Indian corporate in its history.

Xiaomi did not disclosed the financial value of the stack which it has received from the Tata Group’s former chief. However, founder and CEO Lei Jun suggested in a statement that it would be used to expand its business in India with launching new products.

Xiaomi's Hugo Barra and Manu Kumar Jain with Ratan Tata

Xiaomi’s Hugo Barra and Manu Kumar Jain with Ratan Tata

Lei Jun said:

“Mr. Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”

Beijing-based Xiaomi was founded as a startup in 2010 and raised $1.1 billion at a valuation of $45 billion in December last year.

Xiaomi entered India in July last year with partnering Flipkart to start selling its range of affordable devices online in the country. The company in span of five months sold one million smartphones in the country.

With a view to expand its business in the country, Xiaomi recently announced the addition of Snapdeal and Amazon India as two of its new online sales partners. The company also started selling its select devices offline in the country through partnering Bharti Airtel and The Mobile Store.

Earlier this week, Xiaomi launched the Mi 4i at its first global smartphone launch in New Delhi. The smartphone will be available first in India through online flash sales via Flipkart. It features mid-range specifications that include a 5-inch 1080p display, 1.7GHz octa-core Qualcomm Snapdragon 615 CPU, 2GB RAM, 16GB storage and a 13-megapixel primary camera sensor.

According to some recent reports by leading research firms, Xiaomi leads the smartphone market in China and is among the top five smartphone vendors in India.

Categories: Miscellenous News