Business Standard: July 19, 2017
New Delhi: Xiaomi, the second largest shipper of smartphones in the country in 2016, is planning to double its sales this year. The company had sales of Rs 6,500 crore last year and could overtake manufacturers like Micromax if it notches up Rs 13,000 crore in sales in 2017.
“Our sales crossed $1 billion last year and we believe we can easily double that this year. During January-June, our revenue grew 328 per cent, year on year,” said Manu Jain, managing director, Xiaomi India.
Market leader Samsung, which has over 28 per cent share of the smartphone market by shipments, earned Rs 27,000 crore from handset sales in India, including feature phones. If Xiaomi maanages to achieves its target, it will become the second biggest handset manufacturer by revenue as well. Xiaomi now has a 14.2 per cent share of the smartphone market and held the second spot in the January-March quarter.
Xiaomi, which sells 90 per cent of its handsets online, is eyeing 30 per cent sales from brick and mortar outlets by the end of 2017.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.