Chinese telecoms group Xiaomi will prioritise India over its home market and invest $1bn in the country’s start-ups as it looks to accelerate growth outside of its highly competitive home market.
Lei Jun, Xiaomi’s co-founder and chief executive, said the company wanted create an ecosystem of mobile apps for use on its smartphones — a strategy pioneered by Apple, whose more expensive iPhones are barely present in the Indian market.
“India is becoming a bigger priority compared to China when it comes to R&D to make India-focused products, and supply and stock for product lines,” Xiaomi said. For example, the company will supply components for its fast-selling Redmi phones to India first in case of shortages.
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