SUMMARY
Manu Jain said he plans to take some time off for the next few months and will return to the startup community with ‘another fulfilling challenge’
Jain was one of the earliest hires at Xiaomi India and helped scale the company from an obscure Chinese smartphone manufacturer to one of the biggest players in the country
Jain was promoted as the global Vice-President of the Xiaomi Group in 2017
Eight years after founding Xiaomi’s India operations, senior executive and former India head Manu Jain has resigned from the company.
“After nine years, I am moving on from the Xiaomi Group. I feel confident that now is the right time, as we have strong leadership teams across the world. I wish the Xiaomi teams globally all the best and hope they achieve even greater success,” said Jain.
In a cryptic message, Jain said that he plans to take some time off for the next few months and will return to the startup community with ‘another fulfilling challenge’. He also added that he would ‘love to build something new, ideally in a new industry’.
“Change is the only constant in life! Last 9 years, I’m lucky to have received so much love that it makes this goodbye so difficult. Thank you all. The end of a journey also marks the beginning of a new one, full of exciting opportunities. Hello to a new adventure!” tweeted Jain.
Commenting on his exit, a Xiaomi India spokesperson said, “In a short span of 7 years at Xiaomi India, Manu Kumar Jain played an instrumental role in the company’s success leading it to be India’s most loved and trusted brand. We would like to thank him for his valuable contribution to the business, and the smartphone industry in India and wish him success in his future endeavors and pursuits.”
Jain was one of the earliest hires at Xiaomi India and helped scale the company from an obscure Chinese smartphone manufacturer to one of the biggest players in the country. Prior to working at Xiaomi India, Jain also cofounded apparel marketplace Jabong, which was later acquired by Flipkart in 2016.
An alumni of IIT-Delhi and IIM-Calcutta, Jain rose from the role of India manager to global vice-president of the Xiaomi Group in 2017. He later relocated to Dubai to take charge of the company’s global operations.
Jumping Ship Amid Turbulent Seas
While the early years of Jain’s tenure saw the meteoric rise of the brand in the country, the original equipment manufacturer (OEM) has been plagued by controversies in the recent past.
The company and Jain were at the centre of a sweeping Enforcement Directorate investigation for alleged foreign exchange violations. He was also briefly questioned by the agency and his statement was recorded last year in connection with the probe which has since seen the government seizing INR 5,551 Cr in Xiaomi’s assets.
Besides, the company is also facing a separate action from the Income Tax (I-T) Department which had blocked the Chinese smartphone maker’s fixed deposits (FDs) worth INR 3,700 Cr over allegations of tax evasion. Last month, the Karnataka High Court reportedly lifted the block in some reprieve to Xiaomi.
Jain’s exit comes close on the heels of multiple high-level exits from the company. Just a week ago, Sumit Sonal resigned as Xiaomi’s general manager of marketing, while the OEM’s chief business officer Raghu Reddy resigned in December 2022.
This also comes nearly a month after Xiaomi sacked nearly 10% of its workforce globally citing routine personnel optimisation and organisational streamlining.
Despite the hiccups, Xiaomi continues to be a top selling smartphone brand in the country. Xiaomi took the pole position as it commanded 20% of the market share of the total shipment volume in the country in 2022. However, the controversies have hit the company hard. Last year, the company accounted for 24% of the total Indian shipments in 2021.
