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Xiaomi to enter Indian Electric Vehicles And Payments Space
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.
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