Xiaomi to invest ₹6,000-7,000 cr in 100 Indian startups in 5 years
CHANDIGARH: Chinese smartphone major Xiaomi on Monday said it will invest ₹6,000-7,000 crore in around 100 startups in India in the next five years to strengthen its hardware and software ecosystem.
“Till 2017 the net investment of the company was ₹3,000 crore. In the next five years we will invest ₹6,000 crore to ₹7,000 crore in around 100 startups in India,” Manu Kumar Jain, the managing director and vice-president of Xiaomi India, said here.
The companies that the company is looking to invest in, are more in mobile software tech side which will help strengthen hardware and software ecosystem, he said.
Assuring that the company’s position of strength in smartphones will continue in future as well, he said that Xiaomi had invested in 10 startups until 2017 and the new investment will be to further strengthen the ecosystem.
Seeking to expand beyond smartphones in India, the company which launched its first flagship experience store in Chennai three weeks ago is offering products sold in China but not available in India.
The products include an electric cycle, a self-balancing scooter, an electric folding bike, smart shoes, smart cooker, laptop, water purifier, he said.
“The company will use feedback from customers on these products to understand the level of customisation required before launching some of them in India,” he said.
When Xiaomi started almost eight years ago, the aim was to build an internet company, he said adding that the company has several internet products called as ecosystem 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.
“Our aim is to make everything smart, internet-enabled and eventually run by a smartphone,” he said.