According to Xiaomi's Manu Jain, the company will exceed $2 billion in revenue this year
The Xiaomi Redmi Note 4 is expected to surpass 5 million units shipped
Manu Jain added that the company will not hike prices after import duty was raised
Xiaomi India says it’s set to surpass $2 billion revenue mark in India during this calendar year. The Chinese smartphone maker is also confident that it will be able to maintain the momentum next year as well.
Manu Jain, Managing Director, Xiaomi India told ET that the company saw record sales this year and will see its revenue more than double during this calendar year. He added that Xiaomi sold four million smartphones during the one month period of Diwali alone, which helped the brand match Samsung in terms of market share. According to IDC, Xiaomi is the joint leader in the Indian smartphone market for the quarter ending September.
“We are closing our books now, but pretty sure to exceed $2 billion this year. As far as market share is concerned, we have 500 percent share in online sales and 23.5 percent in overall market and we became number one last quarter. We are looking at leadership position in India for the long run,” Jain told ET.
Xiaomi has seen record jump in its shipments this year with its Redmi Note 4 launched in January surpassing 5 million units in terms of sales. The company’s budget-centric Redmi 4 has also sold more than 1 million units while Redmi 4A rounds up the top three best-selling smartphone in the country.
Jain also confirmed that his company will not raise smartphone prices after the government increased import duty from 10 percent to 15 percent last week. Xiaomi India only imports its premium Mi Mix 2 smartphone and the company plans to absorb the hike in duty component to keep the prices intact. The confirmation comes after Apple hiked prices of all iPhone models except iPhone SE in India yesterday.
Xiaomi is likely to surpass Samsung as the largest smartphone brand next quarter and is now planning to expand its businesses by launching electric vehicles, mobile payment solutions and consumer lifestyle products. Jain confirmed that Xiaomi has created a separate team to customize its products for the Indian market and even redesign them completely to make it relevant to Indian consumers.
Xiaomi is planning to enter two categories next year and TV segment remains a priority for the company. “TV is a space where we want to enter. We are building the content by virtue of our stake in Hungama,” Jain said.