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.