Xiaomi reportedly raises $1-billion in funding, company valued at $45-billion


Xiaomi, the world’s third-biggest smartphone maker, has reportedly raised US$1-billion, according to Wall Street Journal.

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A Xiaomi spokesperson declined to comment.

Though the Xiaomi has refused to confirm the news, if indeed the company has is now valued at US$45-billion, it is a massive increase from its previous valuation of US$10-billion in August last year.

What has paid off for the company is its focus on extending to emerging markets that are not inundated with smartphones. The emerging markets that Xiaomi expanded to included Mexico, Southeast Asia, Brazil and India. In India, Xiaomi has been very successful, selling about 100 000 units per week through online retailers like Flipkart.

In 2013 alone Xiaomi claimed to have sold 19-million units and in 2014, the company hopes to sell double that by selling at least 40-million units.

However, Xioami has not had its eggs in one basket, in addition to growing its market, it has been focusing on manufacturing hardware. Of course, Xiaomi’s rise has seen Samsung’s decline in the same period.

Recently it invested US$200-million in appliance maker Midea.

To boost sales of its smart TV devices it has invested $1 billion in online video content portals like Youku Tudou and iQiyi, China’s leading streaming video platforms.

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