GIC joins Xiaomi’s $1b funding round

China’s leading smartphone maker Xiaomi Corp has raised $1 billion in a new funding round, that values it at $45 billion, and the latest financing round was led by All-Stars Investment Ltd and included PE firm Hopu Investment Management Co, Yuri Milner’s DST and Singapore’s sovereign wealth fund GIC Pte, media reports said.

All-Stars Investment Ltd is a fund run by former Morgan Stanley analyst Richard Ji. Chinese private-equity firm Hopu Investment Management Co, as well as Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding executive chairman Jack Ma, also participated in the latest round, media reports added.

The Chinese handset maker, which has emerged as a credible alternative to Apple and Samsung, is expanding its presence globally, and in the September quarter, it had pivoted to the third slot, in volumes, behind the Amercian and Korean smartphone companies. The company is expected to use the latest round of funding to expand its overseas operations.

For the world’s third largest smartphone maker, the latest round, marks a significant jump in valuations. In August last year, the company was valued at around $10 billion.

Post the latest financing round, both state-owned funds of the Singapore government have equity interest in Xiaomi. Earlier, Singapore government-owned Temasek Holdings Pte has invested in the company. Till date, Xiaomi has undertaken about six rounds of fund raising.

Xiaomi handsets are powered by Google’s Android operating system. While Chinese owned, the handset maker is registered in Cayman Islands.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.