Xiaomi India expects to achieve revenue of over USD 2 billion this calendar year. Xiaomi also expects to maintain this growth rate in 2018 too, with its offline expansion and product launches beyond smartphones, The Economic Times reports, citing managing director Manu Kumar Jain. "We are closing our books now, but pretty sure to exceed USD 2 billion this year. As far as market share’s concerned, we have 50 percent share in online sales and 23.5 percent in overall market and we became number one last quarter. We are looking at leadership position in India for the long run," Jain said.
According to Jain, Xiaomi India sold 4 million handsets in the one month period of Diwali. Xiaomi shared the number one position in the Indian smartphone market with Samsung in the last quarter, according to data released by IDC India.
Recent press reports claimed that Xiaomi made a regulatory filing in India to expand into electric vehicles, payment bank, consumer electronics and lifestyle products. Jain said Xiaomi has formed a separate product and R&D team to customise the products for the Indian market and even redesign them completely to make them suitable for the country.
Xiaomi also plans to aggregate local content that will be bundled with its smart TV. "TV is a space where we want to enter. We are building the content by virtue of our stake in Hungama," Jain added. Xiaomi also plans to not raise smartphone prices after the government has recently increased the import duty to 15 percent from 10 percent. Jain said that only one premium model, namely the Mi Mix 2, is imported since it involves high-end production process and Xiaomi will absorb the duty component to maintain prices uncharged.
"Around 95 percent of our smartphones are made in India. We will further expand our smartphone capacity next year and build component sourcing base in the country," Jain also said.
