Chinese smartphone maker Xiaomi’s revenue has risen by 328 percent in India in the first half of the year, on-year, even as it shipped a record high of 23.16 million devices in the quarter ended June globally, and plans to sell 100 million smartphones in 2018.
Xiaomi founder and CEO Lei Jun said in a letter to employees on Friday that the company had achieved the feat which signified a ‘major inflexion point in its growth’ within two years of recalibration, and set target of RMB 100 billion revenue for the present year.
Redmi Note 4 has become the highest-shipped smartphone in the country, and Xiaomi is now widely recognized as a leading brand, Jun said.
The company expects 25 percent of its total sales would be through off-line model by the end of the current year, and half of the sales coming from offline within the next two to three years.
Xiaomi crossed $1 billion revenue mark in India in 2016 and holds 14.2 percent market share in the offline space. Being one of the first Chinese companies to Make in India, the company has two manufacturing facilities currently operating at Sri City Special Economic Zone, near Chennai.
The Chinese smartphone maker which has expanded its footprint globally has shipped 23.16 million smartphones in April-June 2017, an increase of 70 percent from the previous quarter, on the back of consistent investments in R&D, keeping a hawk’s eye on product quality and upgrading to a new retail model by integrating online and offline retail channels, besides investments into overseas markets, specially India.
By Baishakhi Dutta