Beijing-based smartphone brand Xiaomi is planning to expand into several booming Indian industries at once. Reportedly, the company is looking to expand into electric vehicles as well as payments space in the country.
The announcement came in just a few days after CEO Lei Junrevealed the company’s intentions to invest $1 Bn in Indian startups over a period of one year.
According to Economic Times, as mentioned in a company filing, “Xiaomi can potentially sell all types of vehicles for transport, conveyance, and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts”.
The filing further adds, “Xiaomi is also open to venturing into other areas and wants to carry on the business of non-banking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators”.
Going ahead, the smartphone manufacturing company is also planning its way into products such as laptops, gaming consoles, computer accessories, lifestyle products and network equipment. It also wants to potentially manufacture and sell its merchandise such as clothes, toys, backpacks and suitcases.
In words of Manu Kumar Jain, Vice President and MD of Xiaomi India, Xiaomi India is more an Internet company rather than a smartphone company. The $45 Bn company is now counting on new age technologies such as big data and IoT, is looking to generate $2 Bn in revenues from Xiaomi India itself.
