Thu, 28 Mar 2024 Today's Paper

Xiaomi raising over $1 billion from investors including GIC: source

22 December 2014 09:51 am - 0     - {{hitsCtrl.values.hits}}

A A A

China's Xiaomi [XTC.UL] is raising over $1 billion from investors including Singapore sovereign wealth fund GIC that would value the smartphone maker at over $45 billion, a person familiar with the deal said.

The fund raising was first reported by the Wall Street Journal, which also said this round was led by tech fund All-Stars Investment and included Russian tech fund DST Global and Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd Executive Chairman Jack Ma.

All-Stars Investment is led by former Morgan Stanley analyst Richard Ji.

GIC's investment in Xiaomi comes after Singapore state investor Temasek Holdings Pte Ltd [TEM.UL] bought a small stake in the smartphone maker during an earlier funding exercise, a second person said.

The people were not authorized to speak to media on the matter and so declined to be identified. Xiaomi and GIC declined to comment. Ji could not be reached for comment.

Xiaomi brands itself as an Internet company that eschews traditional marketing and sells hardware at low prices as a distribution channel for its real money maker, software and services.

It has been investing heavily in other manufacturers with the aim of building an ecosystem of Internet-connected devices and appliances to extend its reach beyond smartphones.

Nomura analysts said in a report earlier this month that Xiaomi and founder Lei Jun had invested in 43 companies across China's mobile Internet eco-system, including smart device makers, network infrastructure firms, smartphone platform developers, and providers of various mobile internet services.

Xiaomi's investment partners include Shunwei VC, Temasek and Kingsoft, the Nomura analysts said.

(This story was refiled to remove superfluous 'a' from first paragraph)

(Reporting by Saeed Azhar and Gerry Shih; Editing by Christopher Cushing)

 

(Reuters)


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H

MIRROR CRICKET

More