One of the most popular smartphone brands in the country Xiaomi has bigger plans for the Indian market. According to an Economic Times report, Xiaomi has laid out an expansion roadmap in India where it plans on selling electric vehicles and entering the payments bank business.
In a filing with the Registrar of Companies, Xiaomi has said that it has the potential to not only sell all types of vehicles for transport, but also transport equipment such as components and spare parts, based on electricity and other motive or mechanical power.
Apart from that, it also wants to introduce more products in India such as laptops, gaming consoles, computer accessories, lifestyle products and network equipment. In India, apart from selling smartphones, Xiaomi has so far sold power banks and WiFi routers. The next step would be to sell merchandise such as clothes, toys, suitcases and more.
Payments is another area Xiaomi is betting big on. It reportedly wants to carry on the business of nonbanking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators,” ET quotes Xiaomi as stating in the ROC filing.
“We have expressed our interest to bring several of our non-smartphone products to India multiple times, but only after ensuring that we have picked the right product and customised it to India’s needs,” a Xiaomi spokesperson told ET.
In its home country, Xiaomi already has a diverse product range that includes electric scooters, bikes of different models. It also sells smart lighting solutions and health products such as blood-pressure monitors, apart from selling laptops, televisions and tablets.
Not just that, it also manufactures home appliances such as washing machines, refrigerators, air-conditioners, vacuum cleaners and water purifiers and lifestyle products including apparel, toys, shoes, bags and luggage, bedding, bath, kitchen and dining products.
These developments come at a time when rumours are rife that Xiaomi is looking at an IPO early next year. This initial share sale is likely to take the company’s valuation past $50 billion, reports ET. And this will also help the company raise the funds it needs to expand further in the Indian market.