Chinese smartphone maker Xiaomi is in talks with investors and banks to raise about $1.5 billion, according to a report by PTI, citing a report by the financial news website Jiemian of Shanghai United Media Group.
"Xiaomi shipped 18 million smartphones in the third quarter, an increase of 18 percent from the previous quarter. For the first nine months, Xiaomi, whose name means "millet" in Chinese, shipped a total of 44 million units, Xiaomi founder and CEO Lei Jun told PTI.
The company is looking to utilise this fund to expand its own TV content to refurbish its Internet video business, Xinhua news agency reported.
DST Global, a London-based investment firm that focuses on Internet companies, is said to be one of the investors, Jiemian reported.
"Xiaomi, one of the largest Chinese technology companies, valued at $50 billion would tap the IPO market next year," Hong Kong-based South China Morning Post reported.
Xiaomi's global market share stood at 5.3 per cent, following Samsung and Apple’s market share of 23.8 per cent and 12 per cent respectively in the third quarter of this year, according to a report by International Data Corporation.
The report further states that Xiaomi ranks number 3 onto the list of top 5 manufacturers for the first time.