Posted: 20 Jan 2015 Contributor: Sushil Kumar
Xiaomi Raises $1.1 Billion in Funding
Mover over, Uber! Xiaomi, a Chinese hardware company has officially surpassed the cab service as the world’s most valuable startup company.
The business, which specializes in lower cost smartphones, has only been in existence since 2010, but has since managed to raise a staggering $1.1 billion from investors. Currently, the company’s estimated value is at $46 million- approximately $5 million higher than that of Uber, the previous prodigy of the startup world.
Though the business has so far been able to enjoy its whirlwind success, they haven’t escaped without a level of controversy. Many have decried the likeness of Xiaomi’s smartphones to comparable Apple products, with Apple’s Senior Vice President of Design going so far as to say “…I think it is really straightforward. It is theft and it is lazy.”
Xiaomi’s Vice President, Hugo Barra, has responded to the accusations, saying, “If you have two similarly skilled designers, it makes sense they would reach the same conclusion.” Xiaomi and supporters insist that the quality of their products, online-only sales approach and strategic marketplaces in Mexico, Brazil, India, and Asia are the reasons behind the company’s exponential success.
Either way, Xiaomi is obviously doing something right, and with the less than modest investment they have secured for expansion, we’re sure to see a lot more of this company, and they, of the smartphone market share.