Chinese smartphone maker Xiomi is now the world's most valuable tech startup after grabbing $1.1 billion in its latest round of fundraising. Xiomi is now valued at $45 billion, ahead of Uber which is valued at $41.2 billion and previously holding up no.1 position in World's tech-startups rankings.
Xiaomi's latest round of fund-raising which placed in on top tech startups in world includes investments from All-Stars Investment, an investment fund run by Richard Weidong Ji, a former Morgan Stanley analyst. Other investors include GIC, Singapore’s sovereign investment corporation; Hopu Investment Management, one of China’s biggest private equity groups; DST Global, a fund run by the Russian billionaire Yuri Milner and an early investor in Facebook; and Yunfeng Capital, another Chinese private equity company set up by Jack Ma, who founded e-commerce company the Alibaba Group.
Founded in 2010, the 4-year-old Xiaomi has overtaken both Samsung and Apple in China by offering cheap, high-quality phones through online marketing campaigns that appeal to China’s young and affluent consumers. Around 500 million smartphones are expected to be sold in China in 2015, more than three times as many as will be sold in the United States, according to IDC.
Since its inception, Xiomi has successfully raised five rounds of funding so far. According to IDC, Xiaomi is now the third largest smartphone maker in the world followed by Lenovo and LG at fourth and fifth place respectively. Samsung and Apple remains at first and second positions respectively.
Rankings of top 5 tech-startups in the World are as below:
- Xiomi ----- $46 billion
- Uber ------ $41.2 billion
- Dropbox -- $10 billion
SnapChat - $10 billion
AirBnB ---- $10 billion
Flipkart --- $10 billion - Palantir --- $9.3 billion
- Theranos - $9 billion
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