New Delhi: As of now when we hear about Xiaomi the first thing that comes to our minds is smartphones. In India the company has already added smart TV into its kitty and is ready to diversify more in India. The Chinese company which makes numerous products ranging from rice cookers to electric scooters is all set to come with microlending in India.
On the footprint of its microlending product in China, Mi Credit, Xiaomi has launched its first lending product in India. The new microlending product launched by Xiaomi is in partnership with a Bengaluru-based fintech firm and lending platform, which offers small size loans to students and young professionals, KrazyBee. Though the official announcement of the microlending platform is still awaited but it has already gone live.
Xiaomi recorded seven-fold growth in the year 2016-17 as the sales figure of the company was recorded to be Rs 8.379 crore and the operations turned profitable in its third year in the country. Xiaomi surpassed Samsung in the Indian smartphone market in the October-December quarter with 26.8 per cent shares as compared to 24.2 per cent share of the latter. The data was shared by the US-based market research firm International Data Corporation. Interestingly, IDC informed that both the companies were at the same spot in the July-September 2017 quarter.
With the idea to disrupt the TV industry of India, Xiaomi launched their smart TV in India. Lei Jun, founder of the company said that Indian consumers should get a 32-inch TV for as low as Rs 10,000 but this is not happening. To bring down the prices of TV, Government has to lower down the taxes. The company is also planning to set up the factories to make its TVs in India in the current year.
The regulatory filing of Xiaomi shows the ambition of the company and is a threat to Indian manufacturers. The company is planning to bring its vast product range to India. The numerous products which the company is already selling in China include electric vehicle and other vehicles (small and big), laptops, gaming consoles, computer accessories, lifestyle products, network equipment, clothes, toys, backpacks & suitcases and bath & kitchen products.