PE-backed Chinese phone maker Xiaomi to get new funding
Chinese smartphone maker Xiaomi Technology is nearing the closing of a fundraising round that will value the company at $4 billion. The news comes after IDG Capital, Temasek Holdings and Qualcomm reportedly participated in a $90 million B-round of funding late last year.
The B-round funding brought the total amount raised by the company to $131 million, valuing the firm at $1 billion. The new round - which is in the final stages - will give Xiaomi a valuation of almost half of Nokia's market capitalization, a source with direct knowledge of the matter told Reuters.
Russia's Digital Sky Technologies is said to be among investors in the latest funding round.
Founded in 2010, Xiaomi sells smartphones online at a fixed RMB1,999. Sales of its Xiaomi flagship phone reached 1.8 million units, since starting last September .
Xiaomi's president told Reuters in February that the firm was looking to raise funds within the next year or two, with an aim to boost future production and revenue
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