Xiaomi pumps Rs 3,500 crore into India business

Xiaomi: which overtook Samsung to become the leader in the Indian smartphone market, has just invested Rs 3,500 crore into its Indian entity, the highest by the Chinese company since it entered the country over four years back.

As per regulatory filings with Registrar of Companies, Xiaomi infused the money into Xiaomi Technology India in two tranches this year: Rs 2,000 crore on March 1 and Rs 1,500 crore on January 17. The firm, counted among the world’s largest technology startups, did not say in its filings where it would use the funds.