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Xiaomi wants to foray into electric vehicles, payments space in India: Report

Regulatory filings show that the Chinese firm is keen to extend its non-smartphone portfolio in the Indian market.

  • Published: December 12, 2017 10:18 AM IST
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Xiaomi’s rise in India is well-documented by now. The Chinese manufacturer became the leading smartphone vendor in India last month, toppling established incumbent Samsung — a feat it achieved in just three years of operations here. Today, Xiaomi is the leading smartphone brand in 50 Indian cities. It recently unveiled a ‘Desh Ka Smartphone’ further establishing its commitment to the ‘Make In India’ initiative. And now, it wants to lay out a road-map beyond smartphones and devices.

Xiaomi’s recent filings with the Registrar of Companies (RoC) reveal that the Lei Jun-owned firm wants to sell electric vehicles in India, and also make a foray into the buzzing payments bank space. The development was reported by ET. Xiaomi’s filing stated that it could sell “all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts.” Interestingly, Xiaomi has already rolled out electric bikes and scooters in its home market, China.

The filing further indicated that Xiaomi had tracked the explosion in India’s digital payments space this year. Payments apps are a way of life in India now. Some, including market leader Paytm, have started their payment banks, while the others have a licence or might apply for one. Xiaomi too seems keen. It says in the filing that it wants “to carry on the business of non-banking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators.”

Besides this, the Beijing-headquartered firm could also start selling laptops, gaming consoles, computer accessories, and network equipment India, which it has identified as its biggest market outside China. This is being seen as Xiaomi’s well-rounded pitch to investors before it files for a much-awaited IPO in 2018. Among the world’s most valuable startups already, Xiaomi is reportedly seeking a valuation of $50 billion or more in what would be the largest technology IPO ever. Meanwhile, some investors reckon that even a $100 billion valuation wouldn’t be unprecedented for a brand like Xiaomi.

  • Published Date: December 12, 2017 10:18 AM IST