Xiaomi was founded in 2010 by serial entrepreneur Lei Jun, who believes that high-quality technology doesn’t need to cost a fortune. Xiaomi announced its first smartphone in 2011. A little over three years later, research firm IDC declared Xiaomi to be the industry’s third biggest player in terms of global unit sales, trailing only Samsung and Apple. Nearly all of the 61 million handsets it produced in 2014 were for the Chinese market.
Xiaomi Inc. is a privately owned Chinese electronics company headquartered in Beijing. It is the world's 5th largest smartphone maker in 2015 Xiaomi sold 70.8 million units and was countable for almost 5 percent of the smartphone global market share. Xiaomi designs, develops, and sells smartphones, mobile apps, and related consumer electronics.
Since the release of its first smartphone in August 2011, Xiaomi has gained market share in mainland China and expanded into developing a wider range of consumer electronics, including a smart home (IoT) device ecosystem. The company's founder and CEO is Lei Jun, China's 23rd richest person according to Forbes. The company sold over 60 million smartphones in 2014.
The company has over 8,000 employees, mainly in mainland China, Malaysia and Singapore, and is expanding to other countries such as India, Indonesia, the Philippines and Brazil. According to IDC, in October 2014 Xiaomi was the third largest smartphone maker in the world, following Samsung and Apple Inc., and followed by Lenovo and LG. Xiaomi became the largest smartphone vendor in China in 2014, having overtaken Samsung, according to an IDC report.
At the end of December 2014, Xiaomi became the world’s most valuable technology start-up after it received US$1.1 billion funding from investors, making Xiaomi's valuation more than US$46 billion. Xiaomi entered the Indian market in July 2014 and since then expanded rapidly in India. Earlier, Xiaomi used to sell exclusively on Flipkart until it announced its partnership with both Amazon.com and Snapdeal on 7 April 2015. This is seen as a bid by the smartphone manufacturer to expand its retail base in India. It has also teamed up with Airtel Store and The Mobile Store to sell some of its selected devices. Later, in Q1 2015, it started its own store and stopped selling its accessories to online stores. On its first anniversary in India, it launched its own Mi Store App. On August 11, 2015, it started its first factory in Sricity, Andhra Pradesh in a partnership with Foxconn.