Xiaomi, the Chinese smartphone maker, has become the world’s most valuable technology start-up after its latest round of funding in which it raised $1.1bn giving a total valuation of $45 bn. Which is 11.11% greater than the Uber’s valuation. This achievement comes in just four years since it was founded.
It also has quickly risen to the ranks of the biggest smartphone makers, just behind Samsung and Apple in sales. It is also set to unveil a new flagship device in January.
Xiaomi’s investors include private equity funds All-Stars Investment, DST Global, Hopu Investment Management, Yunfeng Capital, and Singapore sovereign wealth fund GIC, said co-founder and president Bin Lin in a Facebook post.
Co-founder Bin Lin, in a facebook pose gave a list of Xiaomi’s investors which include Private equity funds All-stars Investment, DST Global, Hopu Investment Management, Yunfeng Capital and Singapore Sovereign wealth fund GIC.
Bin also added that this is a confirmation of Xiaomi’s stellar results in just 4 years and it heralds a new phase for the company.
On the fast track
Acording to Xiaomi’s early billionaire investor, Yuri Milner, Xiaomi is the fastest company ever to have achieved a $1 billion in revenues this fast. He’s hopeful that Xiaomi would be the first china’s global consumer brand.
Strategy of Xiaomi of producing cheap smartphones has catapulted its growth to overtake Samsung this year in sales in China, world’s second largest economy.
Within an year, Xiaomi has achieved a quadruple valuation from its $10 billion valuation it received during financing round last year.
This skyrocketing valuation comes in spite of the intellectual property challenges in India, it faced earlier this month after Ericsson, a Swedish firm filed a patent complaint after which sales were temporarily halted.
Xiaomi has set itself a new target of 60 million smartphones sales this year up from less than 20 million in 2013.