Smartphone brand Xiaomi has received investment from Indian business man Ratan Tata.
Ratan Tata, chairman Emeritus of Tata Sons, has made investment in several ecommerce firms as well.
This is the first investment by any Indian into Xiaomi. In December last year, Xiaomi raised $1.1 billion at a valuation of $45 billion.
The Chinese smartphone brand has entered the Indian telecom market in July 2014. Analyst firm IDC ranked Xiaomi, which competes with other Chinese brands such as ZTE, Huawei and Lenovo, as the 5th-largest smartphone vendor in India in Q4 2014.
Lei Jun, founder and CEO of Xiaomi, said: “Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”
editor@telecomlead.com
Ratan Tata invests in Xiaomi
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