Xiaomi extended its business beyond Chinese borders about six months ago and has made big advancements since then.
Chinese smartphone maker Xiaomi is now valued at over $45 billion. The newest valuation breaks the $40 billion that the company had achieved earlier. Xiaomi has raised a total of $1 billion in its latest round of funding.
The company is funded by names like All-Stars Investment, DST Global from Russia and GIC from Singapore. Xiaomi has been taking big strides in the smartphone market, establishing itself as a force to be recognised in a short time.
The Chinese upstart increased its business to markets outside China only this year, with flash sales in India and some other South-Asian countries. It also hired ex-Google employee Hugo Barra as its Vice President of Global Operations.
Xiaomi is headed by CEO Lei Jun, who is well known in China and the creator of Android app, Kingsoft Office. Jun recently said that his goal is to become the number one smartphone maker in the world.
Xiaomi has also run into some troubles in India recently, following a suit filed by Ericcson. Read all about that below.
Also read: Here's why Xiaomi is banned in India
Source: Wall Street Journal
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