Xiaomi to invest ₹7,000 cr in 100 Indian start-ups

Xiaomi, the Chinese smartphone manufacturing company, on Monday declared that the company intended to invest about Rs 70 billion in about 100 promising Indian startups that would help in strengthening hardware and software ecosystems of the mobile phone industry.

“Till 2017, Xiaomi had made an investment of about Rs 30 billion. In the next five years we will invest Rs 60 billion to Rs 70 billion in around 100 startups in India,” Manu Kumar Jain, Managing Director of the company told PTI, the news agency at Chandigarh.

In 2017, the company had invested in 10 startups. Xiaomi is looking to invest in companies that are into tech side of mobile software. “It will help to strengthen hardware and software ecosystem,” said Jain.

Going beyond smartphones, the company in three weeks is all geared up to launch its first flagship experience store in Chennai. The new store will be offering new products that are sold in China but are not available in India.

“Our aim is to make everything smart, internet-enabled and eventually run by a smartphone,” he said.

Jain recalled that when Xiaomi started out, 8 years ago, the plan was to build an internet company and have created several products that are internet ecosystem products.

These new products, presently available in China are smart shoes, smart cycles, smart scooters, smart air purifiers, smart water purifiers, smart routers and others. In all there are 30 to 40 category of new products.

There are 30-40 such categories in China, such as smart shoes, smart cycles, smart scooters, smart air purifiers, smart water purifiers, and smart routers, he said.

“Everything that we have in China is not suitable for India market,” said Jain “For instance, we have a water purifier but it doesn’t have a water tank whereas in India market where you have power and water shortage, you need a water tank,” he added.

Xiaomi sells smartphones, air purifiers and mobile accessories like power banks in India. It has introduced televisions, the first country outside China where the product has been launched.