The fastest growing Chinese hardware company Xiaomi has confirmed that has raised $1.1 billion in new funding at a valuation of $45 billion. It has been confirmed by the co-founder and president of the company Bin Lin. Lin said the round was raised from investors including All-Stars Investment, DST, GIC, Hopu Fund, and Yunfeng Capital.
Xiaomi has been growing aggressively but 2014 turned out exponential for them. At the end of previous the company was valued at a net asset value of 10 billion only.
“This is an affirmation of Xiaomi’s stellar results in the four years, and heralds in a new phase for the company,” said Lin. He also added that the company will soon debut at CES with its new flagship smartphone in february 2015.
This year Xiaomi stormed the smartphone market with its low cost smartphones that falls in the 100 dollar price bracket. The company has sold millions of handsets which includes its popular models mi3 and redmi 1s. While mi3 flaunts parallel configurations to the top flagship from leading brands, it is sold at almost half of the price of its competitors.. However, the real winner for the company is Redmi. It sold like hot cakes and can be spotted everywhere in India.
Xiaomi sold about 19 million phones, a number it hopes will more than double to 40 million units by the end of this year. In October, the company became the world’s third-largest smartphone vendor by shipment volume, according to both Strategy Analytics and IDC.
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