Chinese smartphone maker Xiaomi has announced that Ratan Tata, Chairman Emeritus of Tata Sons, has made an undisclosed investment in the company. This is the first investment by any Indian into Xiaomi.
In December last year, the company raised US$1.1 billion at a valuation of US$45 billion.
Lei Jun, Founder and CEO of Xiaomi said, “Ratan Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”
Tata has taken a huge interest in the tech startup space with investments in several companies such as Paytm, Snapdeal, Bluestone and Urban Ladder.
On 23 April, Xiaomi unveiled a new flagship smartphone Mi 4i priced at INR 12,999 (US$188) in New Delhi, India. The company claims that in the first two days of registrations opening for the Mi 4i sale on Flipkart, more than 225,000 customers had registered to purchase the phone.
Xiaomi has been growing rapidly in India after entering the market in July 2014. Analyst firm IDC ranked the company as the fifth largest smartphone vendor in India in Q4 2014.