Xiaomi to invest $1 billion in India within next five years

Almaty. November 22. Silkroadnews - Xiaomi will invest $1 billion into India within next five years, CRI online information portal reported.
“Chinese smartphone maker Xiaomi is planning to invest 1 billion US dollars in 100 companies in India within five years, aiming to create a system that centers on the company’s smartphone brand,” the report said.
According to the founder and CEO of Xiaomi Lei Jun, the company gives priority to India over the domestic market of China and will create products keeping in mind India, first of all. The company plans to release about 200 products to the Indian market, and not just smartphones.
Over the past four years Xiaomi has invested $4 billion dollars in more than 300 companies in China and successfully created a system focused on its smartphones. Xiaomi is committed to using this business model in India.
According to Lei Jun, Xiaomi intends to invest in content, technology, production and more and promote the popularization of the Internet in India.
So far, Xiaomi has invested in six Internet companies in India, including Hungama, the leader of digital entertainment products, and KrazyBee, India’s first online store.
For Xiaomi India became the first foreign market and the most successful so far. Xiaomi introduced its smartphone in India in 2014 cooperating with a local online store, and in May 2015 Xiaomi launched its first physical store in Bengaluru.
Xiaomi and South Korean company Samsung Electronics were leaders in the Indian smartphone market, each controlling 23.5% of market share.
Developing its international strategy, Xiaomi has entered many foreign markets in the past few years, including Brazil in 2015, Eastern Europe in 2016 and Spain in November 2017.