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Chinese smartphone billionaire is doubling Xiaomi's bet on India

Tech

Chinese smartphone billionaire is doubling Xiaomi's bet on India

Bloomberg Published on Fri, Mar 31, 2017 / 7:40 AM GMT+8

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A+

BANGALORE/SYDNEY (March 31): The worst may be over for Xiaomi Corp.

The Chinese smartphone maker once compared with Apple Inc. has resumed growth and global revenue should surpass US$15 billion ($21 billion) this year as an expensive gamble on India pays off, billionaire co-founder Lei Jun said.

After spending US$500 million in the subcontinent since its debut two years ago, he pledged another investment of that size over the next three to five years.