Xiaomi India Aiming For Over $2 Billion In Revenue In 2017

Xiaomi Logo October 2016 AH 9

Xiaomi is hoping to record more than $2 billion in revenue from its Indian business in 2017, resting its hope for local growth on its smartphones and marketing efforts, according to Xiaomi India chief Manu Jain. That figure is twice as large as the company’s 2016 revenue in the country. During the first half of this year, Xiaomi has reported a growth of 328 percent compared to the same period in 2016, largely thanks to the robust sales of a slew of its handsets including the Redmi 4, Redmi Note 4, and the Redmi 4A, Jain was quoted as saying. Another popular Xiaomi device, the Redmi 3S, has sold four million units by May this year in India, despite only being on the market for nine months.

According to Jain, the Chinese smartphone maker is now working to grow its retail and after-sales footprint in the South Asian country, with 500 of its service centers already catering to the needs of local customers. Part of Xiaomi’s expansion plan is opening more Mi Homes in India to provide potential customers with a firsthand experience of the company’s products before they decide to purchase one of the company’s devices. According to Jain, the Chinese phone giant plans to set up 100 Mi Homes in the country in the near future, with two of them being slated to open this month in Bengaluru. Other places in India where Xiaomi intends to build more Mi Homes this quarter include Mumbai, Delhi, Chennai, and Hyderabad, Jain said.

Earlier this year, Xiaomi CEO Lei Jun said the company aims to capture 50 percent of the online and offline market in India. The company has been known for its intensive effort to sell its devices through offline channels in addition to online outlets, though it remains to be seen whether its recent efforts will translate to more sales in the coming years. Currently, Xiaomi is the second largest smartphone maker in India, surpassed only by Samsung, according to Counterpoint Research’s recent report. Time will tell whether Xiaomi eventually manages to surpass the South Korean original equipment manufacturer (OEM) in terms of local sales in India and if an update on its efforts to do so follows soon.