July 17, 2015 0 Comments
In 2013, Google lost its top Android executive, Hugo Barra, to Chinese smartphone manufacturer Xiaomi. Joining Xiaomi as Vice President of International, Barra’s move to Xiaomi was considered as an important milestone for the company. It provided some much-needed legitimacy to an otherwise unknown company. Fast forward to the present, Xiaomi is now a global smartphone manufacturer and ranked as the third biggest seller of smartphones worldwide. The company sold 15.8 million units in the third quarter of 2014, a whopping 300% increase from the same period in 2013 when it reportedly sold 3.6 million units. In December of last year, the company raised a massive $1.1 billion worth of funding and received a valuation that has reached $45 billion, making it one of the most valuable tech startups in the world. What sets Xiaomi apart from others is its strategy. It sells Android-based phones with premium specs at rock bottom prices. By selling quality phones at near cost, it has become a serious threat to Apple and Samsung. Although it’s too early to say if Xiaomi can beat high-end giants Apple and Samsung, it will most likely try to make a dent in their market. After all, the company can beat them hands down on price.
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