Hot Chinese smartphone company Xiaomi has raised a huge $1.1 billion round of funding that values it at $45 billion, it said today.
The funding had been reported for several days, but official confirmation of the round and the valuation came from Xiaomi chief executive and founder Lei Jun in a post on Chinese social networking site Weibo. Xiaomi has become the world’s third-largest maker of smartphones in the past year, in large part by offering low-cost devices with strong software that have been eating into Samsung’s market share in China.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1632733,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,mobile,","session":"A"}']According to earlier reports from the Wall Street Journal, investors in the latest round included Yuri Milner’s DST Global, All-Stars Investment, a fund run by a former Morgan Stanley analyst, and a private-equity fund associated with Alibaba chairman Jack Ma.
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