The smartphone manufacturer has secured a three-year term $1 billion syndicated loan agreement from a total of 18 banks across India, Europe, the Middle East, China, Hong Kong and Taiwan.
Xiaomi recently also fine-tuned its “triathlon” business model from “hardware + software + internet services” to “hardware + new retail + internet services”, emphasizing the importance of new retail to the company’s strategy.
Chinese smartphone and smart device maker Xiaomi Inc. says its wholly owned subsidiary Xiaomi Hong Kong has signed a three-year US$1 billion syndicated loan agreement with a group of banks to fuel its globalization and open more offline stores.
“The syndicated loan will further boost its efforts to develop these areas”, he added. Xiaomi, which is among the top smartphone players in Indian market, is eyeing sales of USA $ 2 billion at least this year, doubling its topline over last year. Xiaomi received nearly 3,000 patent licenses in 2016 alone and recently revealed its own Mi AI Speaker, meaning that the company is also actively working to build on its product range.
Xiaomi has opened 149 Mi “Home Stores” in China out of which the first-ever store was opened in India. The company shipped 23.16 million smartphones in the second quarter of 2017, up 70 percent from the previous quarter, marking a record high for its quarterly smartphone shipments. Once called the “Apple of China”, Xiaomi is now present in over 40 countries and regions.