Xiaomi India will cross the USD 2-billion mark in revenues in the current financial year, its managing director Manu Kumar Jain has said. Jain said the India business of the Chinese company is likely to sustain the same pace of growth next year. There will also be an increase in offline sales and new product launches beyond smartphones, he added.
“We are closing our books now, but pretty sure to exceed USD 2-billion this year. As far as market share is concerned, we have 50 percent share in online sales and 23.5 percent in the overall market and we became number one last quarter. We are looking for a leadership position in India for the long run,” Jain told The Economic Times.
Xiaomi India has made a regulatory filing in India to expand into several businesses such as payments bank, electric vehicles, consumer electronics and even lifestyle products.
Jain said Xiaomi has formed a dedicated product and R&D team to customize the products for the Indian market and even redesign them completely to make them suitable for India.
“For instance, our electric scooter will require a complete redesign since it’s suitable for Chinese road conditions. Similarly, we need to add a storage tank in our water purifier to sell in India since consumers want storage capacity,” said Jain.
In 2018, Xiaomi is going to enter two categories and is aggregating local content that will be bundled with its smart TV. “TV is a space where we want to enter. We are building the content by virtue of our stake in Hungama,” Jain said. - Infosurhoy