Xiaomi is in plans to bet big on the Indian smartphone market over the coming years.
The Chinese smartphone maker, after spending about $500 million in the country since its debut two year ago, is willing to make another investment of that same size over the next three to five years, reported Bloomberg.
According to the report, Xiaomi’s co-founder Lei Jun is expecting to double revenue in the country this year to $2 billion.
Xiaomi entered India in 2014 and has been seeing a steady growth in the country ever since. After the introduction of its first plant in August 2015 in AP, Xiaomi last week announced another manufacturing plant in the country to help increase sales.
Presently, Xiaomi is manufacturing almost 75 per cent smartphones in the country and on March 28, the founder announced that with the introduction of the new plant, manufacturing will see almost 95 per cent Made in India phones ahead.
