Xiaomi seeks funds, looks at $50-billion valuation

BEIJING: Xiaomi is in talks for a funding round that values the smartphone maker at about $40 billion to $50 billion. Discussions are at an early stage and nothing is finalised, said peoplefamiliar with the development.

The world's third-biggest smartphone maker had a financing round in August 2013 that valued the company at $10 billion.

Founder and CEO Lei Jun has pushed Xiaomi, which sells direct to consumers and only released its first smartphone in 2011, into new markets from Singapore to India.

The international expansion, combined with surging sales of its Mi 4 smartphone and low-cost Redmi model, have vaulted the company into the ranks of the world's top vendors.

The valuation surpasses more established Asian electronics makers including Sony, which has a market capitalisation of about $21 billion, and Lenovo's $16 billion.