Chinese smartphone manufacturer, Xiaomi has raised funding from Tata Sons’ chairman Ratan Tata. The company announced the news via its Facebook Page. The deal amount and other terms and conditions are still undisclosed.
Lei Jun, founder and CEO of Xiaomi, said: “Mr. Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”
Ratan Tata had recently made investment in Paytm, CarDekho, Bluestone, Urban Ladder and Snapdeal.com. This is the first investment by any Indian in Chinese firm Xiaomi. During its last funding round, Xiaomi was valued at over $45 billion when it confirmed a $1.1 billion funding from an investment firm, All-Stars Investment with participation from Russian investment firm DST Global.
Till date, excluding this round the company has raised five round of investment having total capital of $1.4 billion. it is backed by 6 investors and had made investment in 13 companies including Jimubox, Nonebot, Lizhi, 21viaNet, Misfit Wearables, iQiyi, Careland and iHealth Labs.
It plans to acquire 100 more tech startups to boost the firm’s ecosystem. Also, the company is looking to open a data center in India after the Indian Air Force expressed security concerns over its phones automatically sending user data to its servers in China.