23 December, 2014

The 'Apple Of China' Raises Over $1 Billion, Valuation Skyrockets To More Than $45 Billion

Xiaomi has reportedly raised more than $1 billion in its latest round of funding, which brings the valuation of China's biggest smartphone maker to more than $45 billion.

The funding round - led by All-Stars Investment, a fund run by former Morgan Stanley analyst Richard Ji - is expected to close early this week.

At $45 billion, Xiaomi would be more valuable than most other Silicon Valley technology startups, including Uber, which just closed a funding round that values the ridesharing startup at $41 billion.

Xiaomi has made a name for itself in emerging markets thanks to its phones that are highly similar to Apple's high-end devices, but sold at extremely low prices. The company shipped 18 million handsets in the last quarter - a whopping year-over-year growth of 239% during that period. It's currently the fourth-biggest smartphone maker in the world, and the biggest in China.

0 comments: