While the company's phones remain highly popular in China and India, its phone sales are increasing gradually elsewhere, most recently seen in Russian Federation where it is now the fifth largest smartphone provider.
Xiaomi aims to differentiate its offering from its arch rivals and provide an enhanched experience to the Indian smartphone consumer. In the past four years, Xiaomi and its Shunwei Capital (顺为资本) has invested $4 billion in 300 companies in China.
The company will continue to invest in internet businesses such as content, financial technology, hyperlocal services which will include mobile phone repairs, manufacturing and retailing.
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We will definitely bring more interesting and high quality products into the Indian market. "That is the Xiaomi business model", Lei said. "We've reached just a huge scale in seven years because of this partnership/affiliation model", Lei said. As long as it accelerates the use of mobile internet, the company will keep picking minority stakes in such ventures.
Earlier Xiaomi announced that it is going to roll out MIUI 9 for its range of smartphones and it even said that it is rolling out the update for devices that were launched way back in 2012. Xiaomi now shares the No. 1 spot with Samsung, who also has a 23.5% share in last the quarter. India is the company's biggest market outside of China, where it sells a variety of products including televisions, smartwatches, air purifiers, water purifiers and others. The brand is available over 60 countries around the world, and last raised an equity capital at a valuation of $45 billion in late 2014.
As it continues to assert its place in the mobile marketplace, Xiaomi is now turning to India to build a strong app ecosystem. The handset was launched with Android 4.1 Jelly Bean-based MIUI 5.0, which means that Xiaomi supported such devices for five years and it is only legit to drop them from getting further updates as their hardware won't be able to handle the software requirements. "We haven't made any losses except in 2015 when we lost a little bit of money because of working on global expansion".