Chinese smartphone maker Xiaomi raised a lot of money during its last funding round; $1 billion to be precise. This latest addition of funding has taken the company’s valuation up to a whopping $45 billion.
The latest funding round was led by the All-Stars Investmet, a fund which is run by former Morgan Stanley analyst, Richard Ji. This funding round is expected to close by Tuesday.
Valued at $45 billion, Xiaomi is more expensive than the majority of the Silicon Valley technology start-ups. The other company that comes the closest to them in that aspect is Uber, which is valued at $41 billion. Xiaomi has captured the imagination of one and all with its innovative selling strategy along with attractive pricing for its phones. Their phone’s are becoming increasingly popular in the emerging markets. The features provided by these phones are good enough to rival those provided by Apple and Samsung, and yet the prices aren’t very high.
It is reported that Xiaomi shipped close to 18 million mobile handsets last year, chalking up an year round growth of a massive 239%. They have emerged as China’s biggest smartphone maker, and the 4th biggest worldwide.