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Xiaomi Becomes Youngest Company on Fortune Global 500 List for 2019

The company also ranks seventh in the Internet Services and Retailing category, the company said in a statement

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This year Xiaomi has launched several new Mi TVs, Redmi 8A and attractive offers on Redmi Note 7 series, Redmi 7, Redmi 7A. Pixabay

Chinese smartphone manufacturer Xiaomi has become the youngest company on the Fortune Global 500 list for 2019, ranking 468, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal.

The Beijing-based global technology firm on Monday announced that the company has, for the first time, made the Fortune Global 500 list, nine years after its iteration.

The company also ranks seventh in the Internet Services and Retailing category, the company said in a statement.

“It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey,” Lei Jun, Founder, Chairman and CEO of Xiaomi said.

Xiaomi, Fortune Global, Company
Chinese smartphone manufacturer Xiaomi has become the youngest company on the Fortune Global 500 list for 2019, ranking 468. Pixabay

Founded in April 2010 as an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, Xiaomi was also named in Fortune’s China 500 list for the first time in June, ranking 53rd.

According to international market research organisation IDC, as of March 2019, the company has become the world’s fourth smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 per cent.

The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware, and has thus built the world’s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.

The firm is investing 10 billion Renminbi in the development of “All in AIoT” in the next five years as part of its “Smartphone+AIoT” dual-core strategy, allowing the prospect to capitalize on Artificial Intelligence (AI) and IoT development opportunities in the future, and laying a solid foundation for the growth over the next five to 10 years.

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Moreover, the company is planning to replicate its success by enhancing and adjusting its business strategies from China to overseas. (IANS)

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Xiaomi Makes POCO an Independent Brand in India: Report

The company earlier said it believed in maintaining a proper balance for both offline and online

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Xiaomi
Xiaomi said it has also started exporting phones made in India to Bangladesh and Nepal. Wikimedia Commons

Chinese handset maker Xiaomi on Friday announced it was spinning off its aspirational premium sub-brand POCO as a standalone brand, which will now operate independently with its own team and go-to-market strategy in the country.

Started as a sub-brand of Xiaomi in 2018, POCO began operations in the country with a small team and launched its POCO F1 smartphone.

“What started as a sub-brand in POCO has grown into its own identity in a short span of time. POCO F1 is an extremely popular phone across user groups, and remains a top contender in its category even in 2020. We feel the time is right to let POCO operate on its own now. We will spin it off as an independent brand,” Manu Jain, Xiaomi Vice President and Xiaomi India Managing Director, said in a statement.

This comes a day after the smartphone player announced it was going big on its premium “Mi” line up in India this year and the portfolio will see a sustained set of launches through 2020.

Xiaomi, Foldable, Phone
According to the patent, Xiaomi’s foldable phone has an outward-folding screen and depending on how a user holds it, the five cameras can either be rear cameras or front-facing cameras, news portal GizmoChina reported. Wikimedia Commons

“These launches will be across categories which we think will help ‘Mi’ maintain consumer interest in 2020. We also intend to bring the premium smartphones from the Mi line-up, which has recorded a substantial interest since we entered the market,” Raghu Reddy, Head of Categories, Xiaomi India, had told IANS.

Notably, the premium “Mi” and budget “Redmi” are still sub brands of the handset maker in India.

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The company earlier said it believed in maintaining a proper balance for both offline and online.

“Both platforms online and offline are equally important for us and currently our online to offline ratio is 60:40. However, we aim to bring the same to 50:50 very soon in 2020,” Reddy said. (IANS)