Monday, April 27, 2015

#RatanTata invests in Chinese Smart Phone Maker #Xiomi

After  Snapdeal, bluestone, urban ladder Ratan Tata, former chairman of Tata Sons Ltd, has made a personal investment in Chinese smartphone maker Xiaomi Corp.
Xiaomi did not reveal the size or value of Tata’s stake, nor did it confirm a valuation, but it did say that he would act as an “advisor” as well as an investor. The smartphone maker’s last round came in late 2014, when it raised $1.1 billion at a $45 billion valuation. (That makes it the world’s most valuable startup, depending on how you define ‘startup’.)

Speaking at the Mi 4i launch event, Xiaomi CEO Lei Jun said India is an important part of Xiaomi’s business focus. Getting a major tycoon like Tata on its side is sure to help open doors and provide a further validation of its efforts to be a local player in India.

Barra said that he is “incredibly honored by this extraordinary vote of confidence,” while Jain tweeted added his belief that Tata could help Xiaomi build a “truly Indian” business

This investment is yet another indicator of the size of Xiaomi’s ambition in India, the country that it entered in July 2014 selling its Mi 3 smartphone through an exclusive arrangement with e-commerce firm Flipkart.
 Xiaomi sold 61 million smartphones in 2014, and it ranks third in the world overall based on shipment numbers. CEO Lei Jun previously projected that the figure would reach 100 million in 2015 thanks to international expansions and new devices — India is sure to be a key factor in making that happen.