Connect with us

Latest News

Xiaomi to enter Indian Electric Vehicles And Payments Space

Published

on

Xiaomi, the China based smartphone and appliances maker, is planning to enter the Indian electric vehicles and payments space. According to filings with the Registrar of Companies (RoC,) the Beijing headquartered company is looking to expand into electric vehicles as well as payments sector in India.

As per the fillings, “Xiaomi can potentially sell all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts.” This announcement comes on the heels of CEO Lei Jun’s decision to invest close to $ 1 billion in Indian startups.

Apart from electric cars, Xiaomi is also planning to sell consumer electronics goods such as laptops, gaming consoles, computer accessories, lifestyle products and network equipment in India. The company is keen on venturing into other areas and wants to carry on the business of nonbanking financial companies and potentially manufacture and sell its merchandise.  “Xiaomi is also open to venturing into other areas and wants to carry on the business of nonbanking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators,” the filings further added.

Media reports suggest, the company may also be looking to make an initial share sale next year and is seeking a valuation of over $ 500 million. Xiaomi first launched its products in India in 2014 and in two years time reported a revenue of $ 1 billion. In May this year, the company launched its first Mi Store in Bengaluru and revealed plans to launch 100 physical retail outlets across India. Today, India is the second biggest market for Xiaomi after China controlling 23.55 of India’s smartphone market.

Currently, Mahindra and Mahindra and Ola are working aggressively to gain an upper hand in the electric vehicle industry. Meanwhile, big companies like Flipkart and Paytm dominate the ecommerce industry.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Dunzo Gets Breather as NCLT Rejects Insolvency Petition from Invoice Discounters

Published

on

Dunzo

The National Company Law Tribunal (NCLT) Bengaluru bench has dismissed an insolvency plea filed against quick commerce startup Dunzo by its invoice discounters, declaring the petition “not maintainable” after several postponements. This decision offers temporary relief to Dunzo, which has been facing multiple insolvency petitions from various creditors, including Velvin Packaging Solutions and Betterplace Safety Solutions, over unpaid dues.

The invoice discounters alleged that Dunzo had paid only 50% of the required amounts, though the exact sum was not disclosed. Despite ongoing settlement talks, no resolution was reached, and the tribunal noted Dunzo’s delays in responding to creditor petitions. Dunzo continues to grapple with severe liquidity issues, delayed payments, and significant losses—reporting a ₹1,801.8 crore loss in FY23 and owing approximately ₹11.4 crore to major vendors like Google India and Facebook India.

While this NCLT ruling provides Dunzo some breathing room, the company still faces ongoing financial and operational challenges as it works to resolve its outstanding liabilities.

Continue Reading

Latest News

How a Golden Retriever Became the Heart and Soul of a Hyderabad Startup’s Workplace

Published

on

Golden Retriever in workplace

Hyderabad-based startup Harvesting Robotics has won hearts online by appointing a golden retriever named Denver as its Chief Happiness Officer (CHO). Denver, introduced by co-founder Rahul Arepaka in a viral LinkedIn post, has quickly become the star of the office, spreading joy and boosting morale among employees. The company is now officially pet-friendly, a move Arepaka calls their “best decision.”

Denver’s new role has sparked widespread attention, with thousands liking and commenting on the announcement. Many see Denver’s presence as more than just a cute story—it highlights a growing trend of pet-friendly workplaces that prioritize employee well-being and happiness. As companies increasingly focus on holistic wellness, Denver’s appointment shows that sometimes, a wagging tail is the best way to brighten the workday.

Continue Reading

Inverstors Stories

Info Edge Shareholders Approve ₹1,000 Crore Investment in New Venture Fund

Published

on

Info Edge

Info Edge (India) Ltd shareholders have overwhelmingly approved an investment of up to ₹1,000 crore in the company’s third venture capital fund, Info Edge Ventures Fund III. The proposal received near-unanimous backing, with 99.9995% of valid votes in favor out of 1,274 participants.

Smartweb Internet Services Ltd, a wholly owned Info Edge subsidiary, will act as sponsor and investment manager for the new fund. This move strengthens Info Edge’s commitment to backing early-stage startups and expanding its footprint in India’s venture capital landscape.

Info Edge has a strong track record as an early investor in leading Indian startups like Zomato and PB Fintech, with combined holdings in these firms valued at ₹31,500 crore ($3.7 billion) as of March 31, 2025.

Continue Reading
Advertisement

Recent Posts

Advertisement