Xiaomi India's managing director Manu Kumar Jain has said that the Chinese firm will exceed the $2 billion revenue mark this calendar year and is confident of maintaining the tempo in the coming year as well with its offline expansion and product launches beyond smartphones.
Jain also said that the company has notched up record sales this year in India, including sales of four million handsets in the one month period of Diwali which is the first-ever for any smartphone brand in India. Last year, Xiaomi had sales of $1 billion and shared the number one position in the Indian smartphone market with Samsung in the last quarter.
"We are closing our books now, but pretty sure to exceed $2-billion this year. As far as market share's concerned, we have 50% share in online sales and 23.5% in the overall market and we became number one last quarter. We are looking for a leadership position in India for the long run," said Jain.
According to Economic Times, Xiaomi India has made a regulatory filing in India to expand into several businesses such as payment bank, electric vehicles, consumer electronics and even lifestyle products.
As per Manu Kumar Jain, Xiaomi has formed a dedicated product and R&D team to customise the products for the Indian market and even redesign them completely to make them suitable for India.
"For instance, our electric scooter will require a complete redesign since it's suitable for Chinese road conditions. Similarly, we need to add a storage tank in our water purifier to sell in India since consumers want storage capacity," said Jain.
In 2018, Xiaomi is going to enter two categories and is aggregating 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," he said.