Fast Moving Smartphone OEM Xiaomi Set To Raise $1B in Funding
Xiaomi has a success story most companies can only dream of. Despite having been founded only in 2010, the company is already a major player in the mobile market, with the likes of Samsung finding that out the hard way.
One of the reasons Xiaomi has proven so successful is that it's delivered great hardware at great prices, and while that's an equally great thing for consumers, it's taken a bit of a toll - we reported just last week that the company is currently operating on a 1.8% profit margin.
Despite all that, the future of the company looks very, very bright, especially after word that investors are planning to infuse $1 billion into the company. A handful of firms are said to be responsible for these investments, including Yunfeng Capital, a firm affiliated with Alibaba founder Jack Ma - someone who knows a thing or two about binging a company to super-stardom in a short time.
At the moment, Xiaomi and its outed investors are all keeping mum, but given the unbelievable growth of the company, and its current valuation of nearly $45 billion, it'd be no surprise to learn that this is all true. Over the past year, Xiaomi has announced plans to branch out a bit, with Russia and Brazil in the the company's sights.
Currently, there's no plans for the company to bring its devices to the US market, but if the company continues on the path it's on, it stands to reason that it could happen.