New Delhi (Sputnik) — Chinese smartphone maker Xiaomi Unfazed bucked the “Boycott Chinese Goods" campaign in India with $1 billion revenue in 2016. Xiaomi has achieved this milestone within two years of starting its India business.
Truly excited to announce that @XiaomiIndia crossed a revenue of US$ 1 Bn in the year 2016. Thanks everyone for your love and support. (1/2) pic.twitter.com/gO0135smor
— Manu Kumar Jain (@manukumarjain) January 5, 2017
“As per shipment records, Xiaomi made its entry in the top three smartphone brands in the third quarter of year 2016 by selling more than 2 million smartphones; achieving 150% year on year growth,” says Xiaomi India head Manu Kumar Jain. According to International Data Corporation, Redmi Note 3 was the highest shipped device in the history of online smartphones industry, with more than 2.3 million devices sold in 6 months.
“It was almost like a ‘Chinese Smartphone Diwali’ across all city tiers. China based players contributed significantly to the growth at the offline retail counters, while continuing to dominate the online channel. These vendors collectively accounted for more than 40 per cent market share in the top 30 cities during Diwali month, primarily driven by 4G enabled handsets. Oppo & Vivo continue to shake the traditional line up of Indian vendors with their superior build quality, massive marketing investments in the offline channel,” says Upasana Joshi, Senior Market Analyst, IDC India.
The booming sales in the Indian market are attracting global players. In the last two years, 40 manufacturing units have been set up by smartphone manufacturers such as Xiaomi, Oppo and Lenovo. US manufacturer Apple Inc is also planning to assembly its I Phone in India from April this year. However, Apple has demanded tax incentives and some other benefits for manufacturing its product in India, which unlikely to be met by the Modi government.
