Chinese tech giant Xiaomi, together with Shunwei Capital, has bought a 10% stake in Chalo, an app from India that tracks buses live and tells its users what time the bus will arrive, for USD 7.19 million, PEdaily.cn reported Tuesday, citing unnamed people close to the deal.
Xiaomi declined to comment when contacted by KrAsia.
Xiaomi was the largest smartphone vendor in India in 2018, claiming a 28.9% market share with a shipment of 41.1 million units, increasing by 58.6% year-on-year, market research firm IDC’s data shows.
Contact the writer at jingli@kr-asia.com
