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Xiaomi to invest $1B in 100 Indian tech start-ups over 5 years

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Chinese smartphone maker, Xiaomi Inc., has said it will invest as much as US$1 billion in 100 Indian start-ups with Shunwei Capital, a venture capital firm founded by Xiaomi’s founder Lei Jun, in next five years.

Xiaomi, tech. startup, investment, India
(Image for representational purpose only)

The duo will focus on the fields of content, financial technology, hyperlocal services, including mobile phone repairs and manufacturing, in the country to create an ecosystem of apps for its smartphones and differentiate its offering from rivals like Samsung Electronics Co., Ltd., Vivo and OPPO Electronics Corp., said Lei Jun during an interview with Indian media.

He said Xiaomi is interested in any apps that can increase the frequency of usage of smartphones, and will take minority stakes to work closely with them.

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With the investments, Xiaomi aims to replicate its Chinese business ecosystem model in India. The company, together with Shunwei, has invested US$4 billion in over 300 companies in China over the past four years.

“In the next five years, we will invest in 100 companies in India,” Lei Jun added. “We focus on a few key things and everything else we let our partners provide. We’ve reached just a huge scale in seven years because of this partnership and affiliation model.”

So far, Xiaomi and Shunwei have invested in six Indian Internet companies. Last month, the two companies together led a US$8 million series A round in micro-lending platform KrazyBee. In the same month, the duo also led a US$15 million series B round in Sharechat, a social networking app.

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