Xiaomi does not plan India IPO anytime soon, 2025 focus on IoT devices: COO
- The world's third largest smartphone maker’s 2025 strategy is to focus on smart-home devices and generating revenues from premiumization.
Xiaomi has no plans for an India listing anytime soon but it intends to bring a larger pool of products to the country and wants to be known beyond smartphones, according to its newly appointed chief operating officer Sudhin Mathur.
With an aim to connect over 700 million IoT or connected devices over the next decade, up from about 250 million now, the Chinese smartphone maker has a huge focus on televisions, tablets, hearables and wearables, besides home products such as air purifiers, robo-cleaners and security cameras.
“We’re not looking at it (IPO) at this point,” Mathur told Mint in response to a question. He also added that its SU7 electric car is not likely to come to India anytime soon.
“For the next three years, the entire EV focus is on China. They are developing technology from there and then maybe after that, once we have an established market, then may look at it,” he said.
Mathur was appointed the chief operating officer (COO) a few months ago, while president Muralikrishnan B left the organization last month.
Read more: Chinese checkers: How PC maker Lenovo stayed safe
Premiumization strategy
The world's No. 3 smartphone maker’s 2025 strategy is to focus on smart-home devices and generating revenues from premiumization as consumers upgrade to higher priced devices.
“We aim to establish ourselves as a smartphone and IoT brand in India, offering a range of integrated and home devices. Globally, we are exploring multiple product categories and building channel capabilities to reach our target consumers,” Mathur said.
The company's existing offline stores would be adjusted to make room for home products, wherever possible, so that more consumers experience the touch and feel, which could lead to final purchases, he said.
Xiaomi contracts manufacturing to Dixon Technologies and Optiemus to make smartphones, powerbanks and hearables in India, and plans to begin making tablets locally through similar partnerships.
Increasing 5G users in the country, along with the offtake of fixed wireless access or FWA, would help Xiaomi’s IoT connect strategy as better availability of high-speed data will enable a better experience for consumers using connected home devices, Mathur added.
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Business NewsCompaniesXiaomi does not plan India IPO anytime soon, 2025 focus on IoT devices: COO
First Published:10 Dec 2024, 08:47 PM IST
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