Xiaomi Ready To Invest Rs 7000 Cr In 100 Indian Startups In Next 5 Years!
The Chinese company which came to India as a smartphone brand in 2014, now is working on its product line to offer a number of consumer goods.
India’s biggest smartphone brand, Xiaomi, is planning to invest around $1 Billion in Indian startups. It has already started work on the first draft of the investment module. The company will invest around Rs 6000 to 7000 crores in around 100 startups in the country in the next five years.
The investment is aimed at strengthening of its hardware and software ecosystem in the country.
The Chinese smartphone major has invested around Rs 3000 crores in India until now and plans to expand in the offline market by positioning its brand in the smartphone market. The new investment will be focused more on building an eco-system for Xiaomi in India to help their smartphones and other products grow in the country.
Product Line Expansion – Growing Beyond Smartphones
The Chinese company which primarily came to India as a smartphone brand in 2014, now is working on its product line to offer a number of consumer goods. Recently the company launched its first set of Smart LED TVs in India.
The company also launched its first flagship store in Chennai which will offer exclusive products like an electric bicycle, smart shoes, smart cooker, laptop, water purifier and more.
Xiaomi will also work to customise these products to suit Indian conditions and requirements before launching them in India.
Global Sales – India Plays A Major Role
India is the first market outside of China, where Xiaomi has introduced its televisions. It presently sells smartphones, air purifiers and smartphone accessories. India is the biggest market for Xiaomi outside China and the company has gained immense popularity within a very short period of time. Xiaomi has also achieved a significant share in the Indian smartphone market.
Xiaomi has a whopping 27 percent market share in India in the combined online and offline market. The company now has over 2,500 Mi preferred stores in 25 cities across the country.
Local Manufacturing & Production
Xiaomi is also planning to start more local manufacturing by putting up more factories. The company has around 750-odd service centres across India. As the next step, the company is also planning to manufacture everything in the country, even the parts which are currently being imported from China. Until now Xiaomi has expanded to three manufacturing units in the country with 5 big and 26 small warehouses.
Chandigarh has been a key market for Xiaomi in north India with a 40.3 percent market share in the offline smartphone market in January 2018.
Xiaomi’s Future Plans
With an investment of Rs 6000 to 7000 crores in the country in the next five years, the company is looking to build a robust hardware and software ecosystem for Xiaomi in India. With more plans to expand offline, the company will launch a number of non-smartphone products in the next couple of years.
Xiaomi has started with three televisions this year so far, and now it plans to bring in a number of products like laptops and water purifiers from China.
The Chinese company is planning a perfect roadmap for their growth in the country. By introducing more products and investment, Xiaomi will have an excellent scope to grow as a company in India.