Chinese smartphone vendor Xioami, which has replaced Samsung as the top brand in China, is planning to raise about $1.5 billion in its fifth round of financing.
The proposed $1.5 billion funding would be the largest investment (excluding IPO) raised by any Chinese company backed by venture capital.
According to latest mobile industry reports, Xiaomi smartphone shipments rose 18 percent quarter-on-quarter to 18 million in the third quarter. For the first nine months, Xiaomi shipped 44 million units, Xiaomi founder and CEO Lei Jun said.
Xiaomi, currently the world’s third-largest smartphone maker after Samsung and Apple, will use $1 billion to expand its own TV content for which they have hired Chen Tong, former editor-in-chief of popular news portal Sina.com, to revamp its Internet video business.
One of the investors is said to be DST Global, a London-based investment firm that focuses on Internet companies.
Xiaomi, one of the large Chinese technology companies, valued at $ 50 billion would tap the IPO market next year, PTI reported.
IDC says Xiaomi’s global smartphone market share stood at 5.3 percent, following Samsung’s 23.8 percent and Apple’s 12 percent in the third quarter of this year, bringing it on number 3 position onto the list of top 5 manufacturers for the first time.
Image source: Xiaomi forum