Xiaomi, a Chinese handset maker which is also named as the world’s most valuable tech start- up has shared their 2014 revenue. The company very proudly shared their 2014 revenue which hit $11.97 billion. This was 135% growth when compared with the revenue of 2013.
Xiaomi Inc. is a Chinese electronics company. The company was co- founded on June 6, 2010 by eight partners. It is headquartered in Beijing, China. This company designs smartphones and sell smartphones, mobile apps and consumer electronics and they are considered as the world’s 3rd largest smartphone company.
Their business is seen in mainland China, Malaysia, Singapore and is expected to expand their business in India and Indonesia. According to Forbes, the founder and CEO, Lei Jun, of the company is considered as 23rd richest person in China.
Industrial Design Centre (IDC) has declared Xiaomi as the third largest smartphone makers Lenovo ranks fourth and LG at the fifth place. Samsung is in the leading position and is followed by Apple in second position.
It was in August 2012, Xiaomi launched Xiaomi Mi2 smartphone. On 24 September 2013 the company announced that it had sold nearly 10 million Mi2 smartphones. Mi2 smartphones were sold in United States, United Kingdom, Australia and New Zealand. Then in September 2013 Xiaomi launched Mi3phone. By October 2013, Xiaomi ranked in the fifth place of most used phones.
In 2013 they sold 18.7 million smartphones and in the first half of 2014 they sold nearly 18.7 million.
In 2014 the company sold about 60 million smartphones which is 227% from 2013.
Investors like All- Stars Investment, DST Global, Hopu Investment Management, Yunfeng Capital and Singapore Sovereign Wealth Fund GIC have funded Xiaomi with $1.1 billion. The firm valued at $45 billion.
However the company’s p4rofit was not disclosed. The CEO of the company owns a share of 77.8% and the remaining shares were split to the other shareholders whose names were not revealed.
Lei said, “By 2015 the growth of smartphones in China will be more. Thus the company is working with more innovative products. And also there are trying to push their market overseas”.
This revenue has pushed the company to the world’s No.3 smartphone makers. The firm is confronting with its competitors Apple and Samsung. Xiaomi is also a tuff competitor for its domestic rival Huawei Technology.