Xiaomi the most popular smartphone brand in India has much more to offer in the Indian market. The Chinese smartphone maker is planning to sell electric vehicles in India and enter the business of payment banks. Xiaomi told in a filing with the Registrar of companies that it can sell not only vehicles of all types but also transport the equipment like spare parts, components, electric parts, and other mechanical parts.
Moreover, Xiaomi is planning to introduce more tech gadgets and accessories in India such as gaming consoles, laptops, computer accessories, network equipment and lifestyle products. Other than offering smartphones, Xiaomi has sold Wi-Fi routers and Power banks in India. Xiaomi may also plan to sell merchandise such as clothes, toys, bags, suitcases and much more.
Xiaomi to offer non-banking financial services
Payment bank is another area that Xiaomi is betting on. According to an Economic Times report, Xiaomi may also enter the non-banking financial business, payment bank, payment gateway, leasing, financing, settlement systems and mobile virtual networks. A Xiaomi spokesperson said that Xiaomi has expressed its interest to bring other than smartphone products in India several times. Xiaomi always ensures that it has picked the right product for the Indian market that is customized to needs of Indian customers.
Xiaomi has already been into the making and selling a diverse range of products such as bikes, electric scooters, and lighting solutions. It also sells health products such as blood pressure monitors other than electronics like televisions, laptops, and tablets. In addition to mechanical and digital products, Xiaomi is also into home appliances such as refrigerators, washing machines, vacuum cleaners, water purifiers.
Xiaomi may offer Lifestyle Products
In its home country, Xiaomi is also into the business of lifestyle products apparels, shoes, bags, toys, bedding, bath, luggage, and kitchen products. Rumors are there that Xiaomi is looking forward to issue an IPO next year. The IPO is likely to take the valuation of Xiaomi beyond $50 billion, as per the ET report. The initial share sale will also help the company to raise the funds required to expand their product range in the Indian market.
Xiaomi’s smartphones are the most popular among Indian customers and its other products include smartphone accessories, smart watches, Wi-Fi routers and power banks.