Xiaomi achieves $5-billion revenue milestone in India

Xiaomi has become the largest smartphone maker by sales volume, touching the $5-billion revenue mark in the Indian market.

As per Xiaomi Technology India’s latest regulatory filings with the Registrar of Companies (RoC), the company’s total revenue in 2018-19 grew by 54% to Rs 35,426.92 crore as compared to Rs 23,061.11 crore it had clocked in FY18.

As per RoC data by revenue, Xiaomi continues to be behind Samsung India which had clocked mobile phone sales of Rs 43,087.9 crore in FY19. On a consolidated basis, Xiaomi is the third largest smartphone maker in India by revenue after China’s BBK Electronics group which owns brands like Oppo, Vivo, Realme and OnePlus. In FY19, BBK Electronics group had posted sales of Rs 38,726 crore generated by the four brands together.

Xiaomi India reported net loss of Rs 148.48 crore in 2018-19 as compared to a net profit of Rs 301.62 crore in FY18. The company in its RoC filings remarked the net loss was due to an increase in the expenditure overhead and competition in the local and global market. Xiaomi said it will take all efforts to increase its revenue and retained earnings in the upcoming years.

As per IDC’s report, Xiaomi continues to be the largest smartphone maker in India by shipment volumes with 27.1% share as of September 2019, which declined marginally from 27.3% in the year ago period.

It has been a significant year for Xiaomi witnessing highest mobile shipments of 12.6 million units in the third quarter of calendar 2019 as per IDC, whereas during festive season sale they witnessed 40% year-on-year growth and expansion of infrastructure leading to extensive investment. The company has made significant investment in supporting product categories, building the largest exclusive retail network in India, scaling up manufacturing for smartphones and televisions along with PCBA manufacturing of smartphones which are done locally.