Xiaomi to Raise $1.5 Billion in Latest Funding Drive

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 Xiaomi Raise $1.5 Billion

Xiaomi is planning to boost about $1.5 billion in its fifth round of financing, media studies mentioned.

The company, which has dominated China’s smartphone market, is talking to buyers and banks to roughly carry about $1.5 billion (roughly Rs. 9,200 crores), which would be the largest investment (except for IPO) raised by means of any Chinese language firm backed with the aid of mission capital, financial news website Jiemian of the Shanghai United Media group stated.

Xiaomi shipped roughly 18 million smartphone within the 0.33 quarter, an increase of 18 % from the previous quarter.

For the first nine months, Xiaomi, this means that ‘millet’ in Chinese, shipped a complete of 44 million devices, Xiaomi founder and CEO Lei Jun stated.

Xiaomi, presently the world’s 1/3-greatest smartphone maker after Samsung andapple, will use $1 billion (roughly Rs. 6,100 crores) to amplify its own television content for which they have got employed Chen Tong, former editor-in-chief of widespread news portal Sina.com, to revamp its web video trade, Xinhua information agency stated.

One of the crucial buyers is alleged to be DST international, a London-based totally investment agency that specializes in web companies, Jiemian stated.

Xiaomi to Raise $1.5 Billion in Latest Funding Drive: Report

“Xiaomi, probably the most massive Chinese language technology firms, valued at $50 billion (roughly Rs. 3,07,350 crores) would tap the IPO market subsequent 12 months,”

Hong Kong-primarily based South China Morning put up said.

The corporate is seen by way of buyers because the in all probability candidate to change into the following “Chinese language IT legend” after Alibaba, which accomplished a $25 billion (roughly Rs. 1,53,000 crores) IPO in the U.S. in September.

In line with international data company, Xiaomi’s global market share stood at 5.3 %, following Samsung’s 23.8 % and Apple’s 12 % within the 1/3 quarter of this yr, bringing it on number 3 position onto the list of prime 5 manufacturers for the primary time.

Xiaomi used to be based in April 2010 by way of Lei and his friends in Zhongguancun, Beijing’s expertise hub, which has been referred to as China’s Silicon Valley. Its first smartphone debuted on August 16, 2011.