Xiaomi announced today it crossed $1 billion (Rs 6800 crore) worth of revenue in India during 2016. The company has been able to achieve this milestone during the second year of its operations in India. The announcement comes soon after Xiaomi said it has sold more than one million smartphones in 18 days. The company had also said they sold over 2 million smartphones in Q3 of 2016, claiming 150 per cent year-on-year growth.
“We are truly excited to announce that Xiaomi has achieved this historic feat of recording over US$1 billion in revenue achieved within two years of us launching our operation in India. 2016 was an incredible year for us and we were able to attain several milestones,” said Manu Jain, India Head, Xiaomi.
“This achievement is a great motivation for us to deliver even more high-quality, disruptive products in the coming year. It speaks volumes about the love and trust Mi fans have for Xiaomi, and we are extremely thankful to everyone who were a part of our journey. We look forward to an even better 2017,” he added.
According to recent data from International Data Corporation (IDC) Chinese vendors have captured about 40 per cent of the smartphone market in India, with Xiaomi taking the third spot with a market share of 10.7 per cent. Samsung currently leads the smartphone segment in the country, and is followed by Lenovo at second position.
Here are some of the key milestones of Xiaomi’s India achievements in 2016:
1. Xiaomi became the number 3 smartphone vendor in India in Q3, 2016
2. Mi India crossed 2 million smartphone sales in Q3, 2016
3. According to IDC, Redmi Note 3 was the highest shipped smartphone by the company
4. Redmi 3 series smartphones became the top selling devices during Flipkart’s Big Billion Days sale, and Amazon’s Diwali Shopping Festival.
While Xiaomi’s budget Redmi series has done well for it in India, the company is still struggling in its home market of China, where vendors like Oppo, Vivo and Huawei have managed to gain ground. According to IDC’s Q3 2016 data, Xiaomi was at number four in the China smartphone market with an 8.7 per cent market share.