Chinese smartphone manufacturer Xiaomi has confirmed that it has raised USD 1.1 billion funding at a valuation of USD 45 billion. The funding was announced last week and on Monday, Xiaomi co-founder Lin Bin confirmed the news via a Facebook Post. The round was led by a group of investors including All-Stars Investment, DST, GIC, Hopu Fund and Yunfeng Capital among others.
Here is a statement that was posted by Lin Bin on his personal Facebook page:
Previously, the company had raised four round of investment viz. USD 41 million in December 2010, USD 90 million in December 2011, USD 216 million in June 2012 and an undisclosed Series D funding in August 2013. It is backed by 3 investors and has made investments in 9 companies including 21viaNet, Misfit Wearables, iQiyi, Careland and iHealth Labs. Including this round, the firm had received a total capital of USD 1.3 billion in 5 rounds.
According to a recent report by the marketing intelligence firm, International Data Corporation (IDC), the China-based company is the third largest smartphone vendor around the world. Although it hasn’t revealed where will it exactly deploy these funds, India is one of its biggest markets as it had multiple plans for the nation including investment in Indian startups.
However, Xiaomi recently faced a partial ban by Delhi High Court, which has now allowed been temporarily lifted to import and sell only Qualcomm based handsets till January 8, due to a patent dispute with Ericsson. The final decision on Xiaomi’s existence in the country hasn’t been taken, but if it gets a green signal, India could expect some of these funds getting deployed here.