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

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Old 29-Dec-2014
Xiaomi Raises $1.1 Billion; Now Valued at $45 Billion

China's Xiaomi Inc, one of the world's fastest-growing smartphone makers, has raised $1.1 billion (roughly Rs. 6,999 crores) in a round of funding that values the privately held company at $45 billion (roughly Rs. 2,84,454 crores), Chief Executive Lei Jun said Monday on social media.
Investors include private equity funds All-Stars Investment, DST Global, Hopu Investment Management, and Yunfeng Capital, as well as Singapore sovereign wealth fund GIC, Lei said on Weibo.

Established only four years ago, Xiaomi was valued at $10 billion (roughly Rs. 63,212 crores) in a previous round of funding in August 2013.

Mainland China is the world's largest smartphone market, and Xiaomi's cheap, feature-packed handsets ousted Samsung as the top seller there in the second quarter.

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