Xiaomi disclosed that the total revenue from India has substantially increased to $1 Billion in 2016. The current figure of Rs. 6800 crores in 2016 are comparatively less than the revenue generated two years before.
Commenting on the development, Xiaomi India head Manu Kumar Jain revealed on his Facebook page that they are the first company in India to cross $1 billion landmark in a short period. Manu added that Xiaomi had become top three smartphones regarding shipments as per Q3 2016. According to Manu, the company shipped 2 million smartphones in India in 2016, which accounts for 150 percent increase regarding overall market share when compared with the same period in 2015.
Meanwhile, Jain added that nearly 2.3 million units of the Redmi Note 3 were sold in 6 months. The smartphone sold out like hot cakes throughout 2016. Moreover, the Redmi 3S, Redmi 3S Prime, and Redmi Note 3 sold out rapidly during Flipkart Big Billion Days and Amazon Great Indian sale. Manu said that the new handsets released in 2016 were high picks regarding value for money.
Within a short period, Xiaomi has overtaken other smartphone companies such as Vivo, OnePlus, and LeEco. Xiaomi is confident that they will be able to post increased revenues in 2017 since many customers are migrating to cashless purchases after demonetization exercise by Prime Minister Narendra Modi.
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