Xiaomi surpasses Uber to become the most valuable tech Start up
Chinese Smartphone maker Xiaomi has raised $1.1 billion (£708) in its latest bout of fundraising. This gives the company a total valuation of $45 billion which surpasses that of online taxi booking app Uber.
Xiaomi has grown rapidly over is short life of just 4 years and recently overtook Samsung as the biggest seller of smartphones in China. Their grow is at least partly down to their competitive pricing which while yielding lower profits has helped them win over many new customers.
Among its investors are private equity funds All-Stars Investment, DST Global, Hopu Investment Management, Yunfeng Capital and Singapore sovereign wealth fund GIC according to co founder and president Bin Lin, as reported on BBC news site
This new valuation has seen the company’s worth more than quadrupled since its previous round of financing last year despite some setbacks in India where if faced intellectual property challenges from the Swedish telecoms firm Ericson which resulted in Xiaomi suspending sales in the country.
Their fast growth in the global Smartphone market certainly makes them a company to look out for in 2015 as the Beijing based company will no doubt be aiming to improve on their sales of this year.
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