Aug 08, 2018 (China Knowledge) - Manu Kumar Jain, head of Xiaomi India, said that Xiaomi is going to put a large sum of money from its Hong Kong IPO last month to develop its Indian business, especially to build internet service ecosystem, to invest in more local startups in India and to launch IoT services for the Indian market. Xiaomi is also preparing to enter the Indian high-end smartphone market which Xiaomi has little footprint so far.
The USD 4.5 billion raised from its IPO last month 30% of the proceeds will be used to fund research and development, another 30% to build the Internet of Things platform and 30% for global expansion, and the remaining 10% of the funds for other various expenses.
Jain said some of the global expansion is to invest in the Indian market, he believes Xiaomi smartphones and their e-commerce platform have already gained momentum in India.
He added that Xiaomi's Indian business does not require a large amount of external fundraising because it has been a profitable business.
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