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Xiaomi secures USD 1 billion loan for global expansion
Chinese handset maker Xiaomi on Friday said it has secured a US $ 1 billion loan to fund its global expansion plans and strengthen retail footprint.
New Delhi: Chinese handset maker Xiaomi on Friday said it has secured a US $ 1 billion loan to fund its global expansion plans and strengthen retail footprint.
"Xiaomi HK Ltd has signed a three-year term US $ 1 billion syndicated loan agreement... In total, 18 banks across Europe, the Middle East, India, China, Hong Kong and Taiwan participated in the new syndicated loan," Xiaomi said in a statement. The company had previously secured a three-year term US $ 1 billion syndicated loan in 2014.
Xiaomi founder, Chairman and CEO Lei Jun said "new retail" (an integration of online and offline retail) and globalisation are two of the company's top strategic areas for development. "The syndicated loan will further boost its efforts to develop these areas," he added. Xiaomi, which is among the top smartphone players in Indian market, is eyeing sales of US $ 2 billion at least this year, doubling its topline over last year. It is also aggressively looking at expanding its offline play in the country.
In 2014, Xiaomi forayed into Indian market, selling smartphones online exclusively through Flipkart. However, a year later, it partnered distributors to sell devices through brick and mortar stores as well. In May this year, it also unveiled 'Mi Homes' that allow consumers to experience and buy all Xiaomi products under one roof. In China, it has 149 such Mi Home stores. Xiaomi had announced that it shipped 23.16 million smartphones in the second quarter of 2017, an increase of 70 per cent from previous quarter. Once called the 'Apple of China', Xiaomi is now present in over 40 countries and regions.
