Xiaomi Buys 1.29% Stake in Chinese Home Appliance Firm Midea for USD 205M

Midea

To take a step ahead in smart home initiatives and electronics products, smartphone manufacturer Xiaomi has invested more than USD 200 million in Chinese home appliance firm, Midea.

As per TechCrunch report, Xiaomi bought about 1.29 percent shares in Midea for an amount around USD 205 million and said nearly 25 countries have joined its smart home ecosystem so far.

The company had recently launched a fitness Mi band in July this year for USD 13 and sold over 3 million Mi bands in a period of three months. Also, it had unveiled smart devices like a set-top box, blood pressure management kit, smart TV and a Mi Air Purifier.

Midea was established in 1968 and is based out in Guangdong It produces a range of home appliances like AC, refrigerator, kitchen appliances and more. Also, in March it had announced its plans to invest USD 2.5 billion in smarthome research and development over the next three years. It will launch a range of smart home management systems covering air, water, nutrition & health and energy & security.

Image Source: Midea website

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