Earlier this month WSJ reported that Xiaomi was planning on raising more than $1 billion that would boost its valuation to $45 billion. Co-founder and president Bin Lin has today revealed that the Chinese smartphone maker has raised $1.1 billion at a valuation of a whopping $45 billion. Also Read - Xiaomi Mi 12 to come with new LPDDR5X RAM, unannounced Snapdragon 898 chipAlso Read - Mi 11 Lite 4G could be axed in India as rumours suggest an interesting development
Lin reveals that investors including All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others took part in the latest round of funding. The $45 billion valuation is a huge jump considering the company was valued at only $10 billion last year in August. Lin describes this jump in valuation as an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company. Also Read - MIUI 13 reportedly delayed due to need for further optimisations: Here's what we know
Xiaomi is likely to use the funds in expanding its business into new markets as well as strengthening its sales in existing markets like India, Southeast Asia, Brazil, and Mexico. In China it already leads the market having overtaken Samsung earlier this year. It was also briefly crowned as the third-largest smartphone company in the world, behind the likes of Samsung and Apple. It was however overtaken by Lenovo after the company completed the acquisition of Motorola.
In India, Xiaomi has quickly become one of the most talked-about since its debut earlier this year. Its phones are in huge demand and not even limited sales on Flipkart have stopped people from buying the smartphone. In the five months since its launch, the company has sold over a million smartphones.
The company s rise has however hit a roadblock of sorts when it was ordered by the Delhi HC to stop importing and selling its smartphones in the country. This order was in conjunction with an alleged patent infringement case involving Ericsson. The Court however partially lifted the ban allowing the company to sell Qualcomm Snapdragon-powered smartphones in the country. Xiaomi will put the Redmi Note 4G variant on sale for the first time tomorrow on Flipkart.
Bin Lin s statement follows.
We just completed the latest round of funding last week, raising US$1.1 billion at valuation of US$45 billion. Investors include All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others. This is an affirmation of Xiaomi’s stellar results in four years, and heralds a new phase for the company.
We will strive to continue bringing innovation to everyone, with a goal of producing high-quality, high-performance devices with great user experience. In January 2015, we will be unveiling our next flagship device. Big thanks to all Mi fans, business partners and investors for your strong support.
– Bin on behalf of Xiaomi