Chinese smartphone major Xiaomi today said it will invest Rs 6,000-7,000 crore in around 100 startups in India over the next five years to strengthen its hardware and software ecosystem. The smartphone maker is looking to invest more on the mobile software tech side, that also help its hardware ecosystem.
“Till 2017 the net investment of the company was Rs 3,000 crore. In the next five years we will invest Rs 6,000 crore to Rs 7,000 crore in around 100 startups in India,” Manu Kumar Jain, the Managing Director and vice-president of Xiaomi India, said in a media statement. Assuring that that company’s position of strength in smartphones will continue in future as well, he said that Xiaomi had invested in 10 startups until 2017 and the new investment will be to further strengthen the ecosystem.
Xiaomi had recently (January) invested in $18.2 Million in ShareChat, a Bengaluru-based social networking app. Xiaomi made its first investment in India when, in 2016, it lead the $25 million funding round into Hungama Digital Media Entertainment, a Mumbai heaquartered aggregator and publisher of entertainment content on the internet.
Xiaomi has recently launched its first flagship experience store in Chennai offering products sold in China but not available in India. The products include an electric cycle, a self-balancing scooter, an electric folding bike, smart shoes, smart cooker, laptop, water purifier.
As per a 2017 report by International Data Corporation (IDC), Xiaomi held the maximum market share in the top 50 Indian cities in the Q3 2017 period, beating Samsung. The combined market share of Xiaomi in online and offline is 27% as per IDC
India is the first market outside of China, where Xiaomi has introduced its televisions. In India, Xiaomi currently sells smartphones, air purifiers and mobile accessories like power banks.
Manu Kumar Jain further said that India is a very important market for us and within a very short time, we have been able to capture significant market share in the smartphone market. TV is a big category after smartphones for Xiaomi and in China, we are the fastest growing TV brand, he said.
The above development was first reported in Financial Express.