By Meghna Sharma Yes, Xiaomi Corporation, commonly abbreviated as MI, is a Chinese company. It is a Chinese multinational corporation and technology company specializing in consumer electronics, software, and electric vehicles. Smartphones are at the core of Xiaomi’s product offerings, with various models marketed and sold under Xiaomi, Poco, and Redmi sub-brands. Apart from smartphones, the company also offers smart televisions, wearables, smart home devices like robot vacuums, electric vehicles under Xiaomi Auto, laptops, powerbanks, and audio gear.
| Details | Info |
| Founded | 2010 |
| Founder | Lei Jun, Lin Bin, Zhou Guangping, Liu De, Li Wanqiang |
| Headquarters | Beijing, China |
| CEO | Lei Jun |
| Sector | Consumer electronics, Software, Automotive |
Company History
Xiaomi or MI was founded on 6th April 2010 by Lei Jun and other co-founders. Its first product was a custom Android ROM, MIUI. Xiaomi launched its first smartphone, Xiaomi Mi 1, on 16th August 2011. The smartphone sold 300,000 units in 24 hours through online flash sales. Xiaomi launched Mi 2 smartphone model in the year 2012 and opened its first offline store in the same year.
In the year 2013, Xiaomi launched Mi 3 smartphone model and its first smart television named Xiaomi Smart TV. The company entered India and many other Southeast Asian countries in the year 2014. Redmi was launched as a sub-brand in the budget segment in the same year.
Xiaomi crossed 100 million annual shipments in the year 2017. The company also created a milestone by opening over 100 Mi stores in India in a single day. In the year 2021, Xiaomi established Xiaomi Auto for EV production.
Current Status
Xiaomi is currently the third-largest smartphone vendor in the world, behind Apple and Samsung, with a global market share of over 13%. The company operates in over 100 markets globally, with 50% of its revenues from mainland China. It is also strong in India, with a network of over 235 stores in the country.
Xiaomi has more than 731 million monthly active users and over 989 million activated IoT devices globally. Recent launches include Xiaomi 15T Pro in the premium smartphone segment, YU7 electric SUV, Xiaomi Watch S4, Robot Vacuum 5 Pro, Smart Band 10, and AI glasses.
Future Outlook
Xiaomi is projected to become one of the top five carmakers globally with over $200 billion revenues by 2030. EVs are expected to account for 15-20% of the company’s revenues by 2026. Xiaomi is looking to capture over 15% shares in the global smartphone market and reach more than 1.5 billion activated devices by 2027.