Xiaomi Billionaire CEO Is Doubling Smartphone Bet on India
- Lei Jun expects global revenue to pass $15 billion this year
- India, new retail model is propelling healthy growth once more
An attendee handles the Mi5 smartphone, manufactured by Xiaomi Corp.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The worst may be over for Xiaomi Corp.
The Chinese smartphone maker once compared with Apple Inc. has resumed growth and global revenue should surpass $15 billion this year as an expensive gamble on India pays off, billionaire co-founder Lei Jun said. After spending $500 million in the subcontinent since its debut two years ago, he pledged another investment of that size over the next three to five years.