Xiaomi seeks to raise funds at $40bn valuation: Report
Looks like $1 billion in loan from 29 banks isn’t enough for the Chinese smartphone maker Xiaomi as it expands globally. As per multiple reports, the company is in talks for a new funding round that could value the company at as much as $40 billion, four times the company’s current $10 billion valuation.
The discussions pertaining to the funding round are said to be in the early stages and nothing is final at this point, but given the pace at which Xiaomi is expanding outside China, it will need all the cash it can get.
According to a report in Forbes, if Xiaomi is able to raise cash with a valuation of $40 billion, it will become the world’s most valuable private technology company. To remind you, Xiaomi’s last funding round was in August, 2013. There is no word on who will be participating in the next round.
Xiaomi to invest $1bn to expand TV content
In related news, Xiaomi has announced that it is planning to invest $1 billion to expand the Internet TV content as it ramps up its living room portfolio. The company, at this point, offers a smart TV and a set-top box, both powered by the company’s Android-based MIUI platform.
In a post on Weibo, Xiaomi revealed that it has hired Chen Tong, a former executive at Sina Corp, to revamp its TV business and make it more “diverse and exciting”.
While Xiaomi currently sells its TV products only in China, it is looking to release them in more markets including India next year.