Xiaomi Hits $10 Billion Valuation
Xiaomi is a smartphone company based in China that has a larger marketshare there than Apple. Xiaomi recently has raised a round of funding that gave them a $10 billion valuation. Xiaomi director Hans Tung confirmed the funding round, but did not provide many details.
In June 2012, Xiaomi raised $216 million in funding with a $4 billion valuation. Temasek Holdings Pte and Qiming Venture Partners participated in that round of funding. Between then and now, Xiaomi has announced that they are planning to more than double handset sales to 15 million this year and they have made a deal with China Mobile Ltd.
Xiaomi is now the 6th largest smartphone company in China. They are one place ahead of Apple based on those figures. Xiaomi rose to 6th place
In China, Apple sells the iPhone 5 for 5,288 yuan ($864) and Xiaomi’s most expensive phone is 1,699 yuan ($277.57).
Xiaomi started selling their first device for China Mobile this month. That device will sell for only 799 yuan.