Xiaomi expands in India with $25 mn investment
The Dollar Business Bureau China’s leading smartphone manufacturer Xiaomi on Tuesday announced it has taken a step forward in the Indian market with a $25-million (about Rs.165.4 crore) investment funding in the entertainment business, Hungama Digital Media Entertainment. The company, however, hasn’t disclosed the percentage of stake and the timeline of this integration. “Xiaomi leading a $25 million round into Indian VoD & entertainment company Hungama, with Intel Capital and Bessemer, our first deal in India!” Hugo Barra, Xiaomi’s Global Vice President, said in a tweet. This is also Xiaomi’s first investment in an Indian company. The company said it was open to more such opportunities to expand its base in India’s vast smartphone market. The collaboration with Hungama will enable the world’s no. ...
