Xiaomi already has product and R&D teams across smartphones, Internet of Things (IoT) devices and MIUI
Chinese handset manufacturer Xiaomi is betting big on the internet business in India and said that it has the potential for much bigger growth. The internet business will be supported by services such as payments, which has the potential of billions of dollars opportunity in the country.
Xiaomi has begun making a considerable proportion of its recent fund infusion of Rs 3,500 crore to develop its payments and content business, along with creating more research and development (R&D) teams for supporting new product and services segments, Manu Jain, Managing Director, Xiaomi told ET.
The company already has product and R&D teams across smartphones, Internet of Things (IoT) devices and MIUI, he added.
Jain informed that Xiaomi is making more investments in India, establishing warehouses and working towards retail expansion.
Without revealing the details, he stated that the company has done investments in a few start-ups in the internet industry this year.
Launching IoT products
Jain said that Xiaomi is in the process of launching new IoT products in India.
There is one smaller category that Xiaomi may launch in the second quarter of 2019 he said, while adding that the company is working on some major categories such as washing machine, water purifiers, laptop, air conditioners and fridge, among others.
Earlier this month, Jain has said that Xiaomi hosts the largest IoT platform in the world.
“The first product we develop was actually not a smartphone, but it is an internet service, in our operating system, termed MIUI – a stock and aftermarket firmware for tablets and smartphones,” he has said.
Currently, the company has around 132 million connected devices, through its smart televisions, shoes, cycles, scooters, fitness bands and phones.
In addition, the company offers products like smart routers, smart weighing scales, smart air purifiers, smart security cameras and more.