Xiaomi Plans To Expand Its International Presence With $1 Billion Loan

Xiaomi has secured a $1 Billion loan in order to expand its international presence as well as setup more offline stores across the 20 countries where it retails today and beyond. Xiaomi regained the foothold in China against Apple and was the third highest smartphone retailer there with 15 million devices sold.

Xiaomi secured the loan from 18 banks across Europe, Middle East, India, China, Hong Kong and Taiwan. It had previously raised a loan in 2014 and after that raised around $1 Billion in a $25 Billion valuation. It had a difficult span last year and so but growth patterns are back again and they seem to be back on track now.

Xiaomi has sold over 23.16 million smartphones in the last quarter which is a staggering 70 percent growth from last year.

Source - Image Credit: Thomas Nilsson