Xiaomi to Utilize a Part of IPO Funds in Indian Operations
The Chinese smartphone giant Xiaomi is reportedly planning to invest a part of the capital it raised from its recent IPO, into its Indian operations.
The purpose behind this move is to build the ecosystem of internet services, make more startup investments and build India-specific IoT devices as stated by company’s India head Manu Kumar Jain. Along with this, the smartphone maker is also expecting to foray into the premium smartphone space in India which is currently being led by another Chinese giant OnePlus.
“Some part of the global expansion money will be spent in India,” Jain stated in his first press interaction following the IPO. “We have had a great journey for smartphones, powerbanks and for Mi.com in India, but we can do a lot more on internet services, startup investments and...