Above: Xiaomi’s Redmi Android smartphone.
Image Credit: Xiaomi
Xiaomi said today it has raised a huge $1.1 billion round of funding that values the hot Chinese smartphone company at $45 billion.
The funding had been reported for several days, but the official confirmation of the round and the valuation came from Xiaomi chief executive and founder Lei Jun in a post on the Chinese social networking site Weibo. Xiaomi has become the world’s third-largest maker of smartphones in the past year, in large part by offering low-cost devices with strong software that have been eating into Samsung’s market share in China.
According to earlier reports from the Wall Street Journal, investors in the latest round included Yuri Milner’s DST Global, All-Stars Investment, a fund run a former Morgan Stanley analyst, and a private-equity fund associated with Alibaba’s chairman Jack Ma.
Alibaba.com is a B2B e-commerce company. Alibaba’s primary business is to serve as a directory of Chinese manufacturers connecting them to other companies around the world looking for suppliers. According to iResearch, it was the lar… read more »
Xiaomi Inc. is a privately owned company that designs, develops, and sells Internet services and consumer electronics. Xiaomi offers a suite of Internet services such as MiCloud, Xiaomi App Market, and Xiaomi Games Center. Its core lin… read more »
Powered by VBProfiles
Mobile developer or publisher? VentureBeat is studying mobile marketing automation. Fill out our 5-minute survey, and we’ll share the data with you.