Chinese smart appliances maker, Xiaomi is expected to pump investments worth $1 billion in India. In an interview, Chief Executive, Lei Jun revealed that the company is keen on investing in startups for the next 5 years. The investments will be in sectors such as Fin tech, hyperlocal services, mobile repairs and manufacturing fields.
However, the investments will focus on an ecosystem of apps that will drive growth of the Xioami brand. Any apps that increase the frequency of usage of smartphones—we’re interested in this. As long as it is related to the acceleration of mobile internet. We only pick minority stakes. The purpose is to work closely (on the business side) with these companies,” Lei said in the interview. The investment report comes after the co-founder was said to consider India a bigger priority than India.
Xiaomi Corp, one of the largest private tech brands has invested over $4 billion in China with the same objective. Basically, the company is trying to replicate that in India.
“We focus on a few key things and everything else, we let our partners provide. We’ve reached just a huge scale in seven years because of this partnership/affiliation model.” Lei was quoted as saying.
Xiaomi has just become the top smartphone brand in India in terms of shipments in September. IDC reported that Xiaomi has now a 23.5% share of the phone Indian market in September, a number only rivalled by Samsung.