Xiaomi to Invest $13.7 Million in India Over Next Two Years- PingWest

Xiaomi to Invest $13.7 Million in India Over Next Two Years- PingWest

Xiaomi to Invest $13.7 Million in India Over Next Two Years

March 25, 2021 10:47 pm

Beijing (PingWest)—Chinese smartphone brand Xiaomi will have more than 30,000 retail stores in India in the next two years, the Mint reported on Thursday, citing Xiaomi India.

It will invest Rs100 crore ($13.7 Million) in India over the next two years, aimed at doubling its retail reach in the country, which currently stands at 15,000 touch points.

The investment will be used to help retail partners build and operate these new stores, said the company, adding that it expects to "cultivate retail entrepreneurship" in the rural market in India and will create more than 10,000 new jobs. 

It will also introduce a new Mi Retail Academy, where it plans to train sales and customer management staff in skills like in-store designing, marketing, customer service, retail excellence and more.

“With this new initiative, we are determined to expand our presence and reach out to our customers in the convenience of their hometowns," said Manu Jain, managing director of Xiaomi India.

Xiaomi accounts for 26% of the Indian smartphone market in terms of shipments, followed by Samsung with 19%. Its Chinese competitors Vivo, Realme and Oppo ranked in the top five with 15%, 12% and 10% market share respectively. 

According to Canalys’ statistics, in 2020, Xiaomi smartphone shipments grew by more than 24 million units, making it the smartphone manufacturer with the largest year-on-year net increase in global smartphone shipments. In the fourth quarter, it ranked third in the world with a market share of 12.1%.

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