The CEO of the Chinese Electronics firm Xiaomi, Huga Barra are excited to announce their newest Xiaomi investor – Mr Ratan Tata, Chairman Emeritus of Tata Sons, but declined the amount of Tata’s stake, rather unveiled its first phone designed specifically for India “Make In India”. More details on Ratan Tata who acquired a stake in Xiaomi after this break.
Although this would be the first investment by an Indian to acquire a stake in Chinese handset maker Xiaomi, and as said declined to disclose the quantum and value of the Tata Stake, which Ratan Tata has picked in his personal capacity.
For the unknown, Ratan Tata retired as head of over $100 billion conglomerate in December 2012 and currently serves as chaiman of Tata Sons, which has emerged as a major venture capital investor since his retirement. On Spadeal, which is an e-commerce website, Urband Ladder, Bluestone and Cardekho.com, he has already invested. In March 2015, he also invested in mobile commerce firm Paytm.
We’re really excited to announce our newest Xiaomi investor — Mr Ratan Tata, Chairman Emeritus of Tata Sons.
— Hugo Barra (@hbarra) April 26, 2015
Here’s what Xiaomi co-founder and President Bin Lin said, “India is our biggest market outside of mainland China and also an extremely important one. Our goal is to become number one in the next 3-5 years and we are keen on partnerships here.”
“Mr. 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, said by the Xiaomi CEO Jun.
“We want to become an Indian company. That is why we are building an R&D team here and setting up data centre. We want to manufacture and also invest in start ups in India,” Lin said.
Finally Xiaomi rides high on India love, secures investment from Ratan Tata. Attending and in the same interview Barra had revealed Xiaomi’s plans for India as well.
1. Having a significant presence in Bangalore
2. Building a substantial software engineering presence in India
3. Opening a global R&D centre in India
4. Opening more Customer support centres and Exclusive service centres in India
5. ‘Indianizing’ the MiUi themes and the Mi bunny (Xiaomi’s mascot)
Last week, Xiaomi launched its first ‘made for India’ handset, the Mi 4i, priced at Rs 12,999. Where the ‘i’ in the name stood for India. Xiaomi, after launching in India in July last year, has found a strong foothold in the second largest smartphone market. Often touted as the ‘Apple of China’, the company has grown to become a major competition to global giants like Samsung and Apple.
In China it sits on the top of Chinese market and in India it is among the 5 best mobile players as per the estimates of research. Congrats #MiIndia! The master businessman now backs world’s most valuable startup.