Senior Correspondent, IndianRetailer.com & Retailer Magazine Nov 29, 2018 / 2 MIN READ
Chinese phone giant Xiaomi’s revenue in 2017-18 has touched nearly Rs 23,000 crore in just four years of operations in India. Thus, the company has been reckoned as one of the fastest scale-up recorded by a consumer electronics company. The company, which leads the smartphone market and is now cornering sizeable share in the television segment, is now studying the possibility of making a big splash in the consumer durables and appliances space evaluating entry into large categories such as refrigerators, washing machines, ACs, water purifiers and even electric vehicles.
Xiaomi, which has unseated Samsung from volume leadership in the smartphone market in late 2017 and has now unshackled the TV industry with aggressive pricing, is bigger in revenue than combined sales of local operations of Sony and Panasonic.
The Enforcement Directorate allegedly interrogated Jain during its course of the investigation against Xiaomi’s alleged violation of the foreign exchange rules.
Redmi Note 3 has become the best-selling phone online in the country with 3.6 million units sold in just 10 months. In all, Xiaomi launched four phones in Mi and Redmi series in the country last year.
ZestMoney which itself is in talks to raise a total round of about $20 million and the round will also see participation from the startup’s existing investors like payments company PayU
Xiaomi crossed the USD 1 billion revenue mark in India last year, is selling mobile handsets through 8,500 multi-brand outlets across the country.
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