Xiaomi’s Indian business received two investments worth a total of around US$500 million in January and March this year, according to filings at India’s Ministry of Corporate Affairs accessed by local media outlet Inc42.
The investment is among the largest made by Xiaomi since it entered India four years ago. The company poured US$500 million into India from 2015 to 2016 to set up shop in the market. In 2017, Xiaomi founder and CEO Lei Jun pledged another US$500 million investment in the next three to five years.
By the end of 2017, Xiaomi overtook Samsung as India’s leading smartphone brand by market share, according to estimations by market researcher Canalysis. The two companies have been in a tug-of-war over the top spot ever since.
The latest infusion of funds will reportedly be used by Xiaomi to diversify into new product categories beyond smartphones, including laptops and smart home appliances such as water purifiers, washing machines, and refrigerators.
Xiaomi will also look to expand its retail presence and reduce its reliance on online marketing. The company counted 500 Mi Stores across India in October 2018, and aims to grow its physical footprint tenfold by the end of this year.
