Xiaomi Raises $1.1 Billion; Now Valued at $45 Billion

Xiaomi Raises $1.1 Billion; Now Valued at $45 Billion
Chinese smartphone manufacturer Xiaomi's market value is estimated to have reached $45 billion (roughly Rs. 2,84,454 crores) after it completed the latest round of fundraising last week, company's founder and chief executive officer (CEO) Lei Jun said on Monday.

Last week was the fifth round of fundraising by the firm and raised $1.1 billion (roughly Rs. 6,999 crores), Lei said in an entry posted on micro-blogging site Sina Weibo.

Investors in the company's latest round of financing included All-stars, DST, GIC, Hopu Investment and Yunfeng Capital.

The results have demonstrated investors' recognition of Xiaomi's achievements after more than four years of ventures and will open a new chapter for the company's development, Lei was quoted in the state-run Xinhua news agency as saying.

Lei also said Xiaomi will unveil a new heavyweight flagship product in January, without disclosing further details.

Media has reported the company is likely to launch the Xiaomi Mi 5, a new generation smartphone.

Global market researcher International Data Corporation (IDC) said in its latest report that Xiaomi jumped onto the list of top 5 manufacturers for the first time at the number 3 position thanks to its focus on China and adjacent markets, which resulted in year-on-year growth hitting triple digits.

In the third quarter of this year, Xiaomi's global market share stood at 5.3 percent, following Samsung's 23.8 percent and Apple's 12 percent, according to IDC.

Data showed Xiaomi shipped 18 million smartphones in the third quarter, an increase of 18 percent from the previous quarter.

For the first nine months, the company shipped a total of 44 million units.

Xiaomi, a name that means "millet" in Chinese, was founded in April 2010 by Lei and his friends in Zhongguancun, Beijing's technology hub, which has been called "China's Silicon Valley."

Xiaomi's first smartphone debuted on August 16, 2011.

The firm however was embroiled in legal complications after Ericsson filed a lawsuit in Delhi High Court over patent issues.

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