Xiaomi India set to cross $2-billion revenue benchmark this year, says MD Manu Kumar Jain

Achieving a humongous target of $1-billion sales in 2016-17 financial year, Xiaomi India is going to set another benchmark this calendar year by doubling the last year's sales. Xiaomi India managing director (MD) Manu Kumar Jain said on Monday that the company would cross the $2-billion revenue mark this calendar year. Within a year Xiaomi has reached the top spot in the mobile phone market in India - giving a tough competition to Samsung - though it does not have a very significant offline presence; nearly 80 per cent of Xiaomi's sale revenue comes from the online route. The company sold over four million handsets in the month of Diwali in October alone, a target that was never achieved before by any smartphone company in India.

According to a report in Economic Times, Manu said he was hopeful that the company would maintain the revenue tempo in the next financial year as well. Apart from eying offline expansion, the company plans to launch products beyond smartphones. "We are closing our books now, but pretty sure to exceed $2-billion this year. As far as market shares concerned, we have 50% share in online sales and 23.5% in overall market and we became number one last quarter. We are looking at leadership position in India for the long run," said Jain, reported ET.

However, Xiaomi India Online Sales head Raghu Reddy on Monday said sales from the mainstay online channel would further decline to about 70 per cent as the company planned to boost its offline presence in India. "The share of online sales will reduce to 70 per cent in the near future," Raghu said. Apart from 14 exclusive company-owned stores, Xiaomi has opened 1,000 sales points, mostly through franchisees, in 15 cities so far. Reddy added the company has a market share of 50.8 per cent in online smartphone sales in the Q3 period of 2017.

With inputs from PTI