The company received funds from Xiaomi Singapore in January and March
It will reportedly use funds to enter the white goods sector
Xiaomi held 27% market share in India's smartphone market for Q4 2018
In the past few years, India’s smartphone growth has been largely attributed to cheaper internet thanks to Reliance Jio’s disruption of the telecom sector. However, something else also complemented this frantic growth of internet in India— Xiaomi’s budget smartphones. And the results have overthrown years-old market leader, Korean phone maker Samsung.
The latest Counterpoint research said that in the Q4 of 2018, while Xiaomi held 27% market share, Samsung had a strong growth to hold 22%. To further strengthen presence in India, Xiaomi has now invested INR 3,500 Cr (507 Mn) in its Indian entity.