Xiaomi to invest Rs100 cr over next 2 yrs

NEW DELHI:  Chinese smartphone and TV giant Xiaomi on Thursday plans to double its retail reach in the country, having 30,000 touch points with an investment of Rs 100 crore. The company also plans to double the number of Mi Stores to 6,000 over the next two years, creating over 10,000 new jobs.

“Mi India started as an online first brand, and today we have the largest exclusive brand retail network in 
India... We are determined to scale bigger heights together with our partners and Mi fans growing our presence to over 30,000 retail touchpoints by next year,” said Muralikrishnan B, COO, Mi India. 

This move comes just a week after the company had announced a capacity expansion plan in India.  Mi has on-boarded two new manufacturing partners _ DBG and BYD (both Chinese) for manufacturing smartphones in Haryana and Tamil Nadu. 

Xiaomi dominates India’s smartphone market, but faces stiff competition from Samsung and Chinese rivals such as Oppo and Vivo. According Counterpoint Research, Xiaomi market share dropped 1 per cent in Q4 2020 over the last year. Currently, it owns 26 per cent of the market.