Xiaomi eyes over $2 billion revenue from India business this year
Chinese handset maker Xiaomi is confident of clocking revenues in excess of $2 billion (over Rs12,800 crore) from its India operations this year, doubling its 2016 revenue.
The growth, according to Xiaomi’s India head Manu Jain, will be driven by strong sales of its smartphones and further expansion of the brand in the country. “We have seen 328% growth in H1 2017 compared to same period last year. This was driven by strong sales of devices like Redmi Note 4, Redmi 4A and Redmi 4. 2x growth over last year is definitely achievable in 2017,” Jain told PTI.
The company had registered revenues of $1 billion last year. According to research firm IDC, Xiaomi had a market share of 14.2% during the March quarter.
Jain said the firm is focusing on expanding its retail presence as well as after-sales service. Xiaomi India now has 500 service centres, compared to about 225 at the beginning of the year. The firm is also setting up Mi Home stores to allow consumers to experience the products before buying them. The first was launched in Bengaluru in May.
Xiaomi, which competes with the likes of Samsung, Lenovo, Vivo and Oppo in India, on Tuesday launched a new handset—Mi Max 2—priced at Rs16,999.