Xiaomi hits 45B valuation, raises 1B
So many Bs.
According to the Wall Street Journal, xiaomi just raised another 1 billion in its latest financing round to hit a valuation of 45 billion.
HONG KONG—Xiaomi Corp. is raising more than $1 billion in its latest round of funding, valuing the fast-growing Chinese smartphone maker at more than $45 billion and making the company one of the most valuable technology startups in the world
Techcrunch has this to say:
The WSJ’s report of Xiaomi’s latest fundraising and valuation follows confusion over exactly how much money the company made last year. In November, the WSJ said that Xiaomi had made net profit of $566 million last year. Following the Midea investment earlier this month, however, Reuters reported that Xiaomi had made just $56 million in net profit last year, according to a regulatory filing.
A Xiaomi representative told TechCrunch that the discrepancy is because “the financial figures reported by Reuters and cited by Apple Insider are for Xiaomi Inc., which is the company that invested in Midea Group. Xiaomi Inc. is one of the companies under Xiaomi. Therefore, the filing only covers Xiaomi Inc. but not the entire Xiaomi.”
Xiaomi’s business model has been a topic of speculation because it sells quality smartphones at extremely low prices. The company has said that it generates profits by selling software to users of its devices.
Well, on the plus side, since Blizzard has launched Hearthstone on Android, you can play Hearthstone on xiaomi now