SEARCH

Xiaomi Gets Ratan Tata As First Indian Investor

Leading smartphone vendor Xiaomi said that Ratan Tata, chairman Emeritus of Tata Sons, has made an undisclosed amount in China’s largest smartphone maker, Xiaomi. This is the first investment by any Indian into Xiaomi. In December last year, Xiaomi raised $1.1 billion at a valuation of US$45 billion.

Xiaomi has been growing rapidly in India after entering the market in July 2014. Analyst firm IDC ranked the company as the 5th-largest smartphone vendor in India in Q4 2014.

Lei Jun, founder and CEO of Xiaomi, says: “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.”

As per the ET report, Lei Jun, the 45-year-old billionaire and serial entrepreneur, was in Mumbai and New Delhi over the past week where he met Tata Sons chairman Cyrus Mistry and other top Indian business leaders, startups, customers and retail partners.

Tata’s investments in India’s fast-growing consumer Internet sector include Snapdeal, Urban Ladder, Bluestone and CarDekho. He picked up a small stake in One97 Communications, which owns Paytm, last month.

On 23 April, 2015, Xiaomi unveiled a new flagship smartphone Mi 4i in New Delhi, India. Over 1,500 Mi India fans packed the Siri Fort Auditorium to witness the presentation. In the first 2 days of registrations opening for the Mi 4i sale on Flipkart, more than 225,000 customers had registered to purchase the phone.

27-Apr-2015 17:02:37
CURRENT ISSUE Print Media
EMAIL SUBSCRIPTION
Name
Email