China's smart phone maker Mi will release at least 6 smartphones in India this year, opening 100 stores, and will soon launch more new categories of products including TV sets to expand the business beyond the smartphone market. .
Manu Kumar Jain, global vice president and head of India operations at Xiaomi, said in an interview with Indian media that Xiaomi has become a prolific investor in India’s fast-growing startup ecosystem in recent years. In the 12 months, Xiaomi will actively acquire shares in Indian software and internet startups. In the next few years, Xiaomi will accelerate the pace of investment in India to complete the strategy of investing US$1 billion in Indian startups.
"Our development in the Indian market is only just beginning. We can achieve more achievements on each front," Manu said. Under his leadership, Xiaomi’s current annual revenue in India has exceeded US$1 billion and will soon exceed the US$2 billion mark. However, Manu did not disclose when Xiaomi will achieve this goal.
Manu did not disclose how much investment Xiaomi would invest in Indian startups in the next 12 months. However, according to Xiaomi's five-year development plan for the Indian market, the company will invest an average of more than 20 Indian startups each year over the next four to five years.
To date, Xiaomi and its sister company Shunwei Capital have invested in 10 Indian startups. Social Platforms ShareChat and "Indian Staged Music" KrazyBee is a recent startup in India that has earned Xiaomi Heshun Capital Investment.
"I really hope that we can accelerate the pace of investment and invest in more Indian startups," Manu said. "The Indian market is changing very quickly. We really believe that India will become very digital in the next five years. We want to help promote this. We hope to accelerate the pace of investment and invest in numerous Indian start-up companies. Our current investment in the Indian market is very small. However, if there is a demand, we will make a larger investment. ”
Xiaomi founder Lei Jun said in November last year that the company will invest at least US$1 billion in the next five years to invest in 100 Indian start-up companies, thus building an application ecosystem around Xiaomi’s smartphone brands. Xiaomi said that the company will invest in initial and mid-term Indian startups in areas such as content, financial technology, hyper-localization services and manufacturing.
Xiaomi is currently considering launching some new products in the Indian market, but considering the unique nature of the market, no final decision has yet been made on this. “We have displayed smart scooters, smart bicycles, smart filters, smart body scales, smart rice cookers and many other products at Indian stores. Indian consumers have been consulting us when we can publish these new products. First of all, we are not yet clear whether these products can have a good performance in the Indian market. Second, if we want to release new products, we are not sure how to adjust the products for the Indian market. ”
The Indian market is currently Xiaomi's second largest market after China. In the past year, Xiaomi’s number of employees in India has tripled. Manu said that in the next 12 months, Xiaomi's recruitment in the Indian market will continue to maintain this speed.
Xiaomi currently has 26 boutiques in India and hundreds of retail stores with hundreds of franchise partners. “Our goal is to push more types of new products to the Indian market. At present, Xiaomi has started to sell smart phones, smart TVs, smart bracelets, chargers, smart routers, smart air purifiers and other products in India, Manu said.
Xiaomi entered the Indian market in 2014. In the past 12 months, Xiaomi’s revenue in the Indian market has grown by two cups. According to statistics from market research firm IDC, Xiaomi took a 25% share of India's smartphone market in the fourth quarter of last year, ahead of its major rival Samsung Electronics. Although Xiaomi’s shipments exceeded Samsung Electronics in the past two quarters, Samsung Electronics remains the largest smartphone manufacturer in the Indian market in terms of annual shipments.