Ratan Tata, the chairman emeritus of Tata Sons has invested money in the global phone manufacturing company Xiaomi.
Xiaomi is making its impact in the Indian market after it launched its flagship phone in India only 2 years before the big announcement.
The announcement was made by Xiaomi’s President Hugo Barra and it was confirmed on social media accounts of Xiaomi.
This is the first investment by an Indian in Chinese Phone manufacturing company Xiaomi, although the financial details of the deal was not released.
Lei Jun, founder and CEO of Xiaomi commented,
Ratan Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.
Xiaomi has had six rounds of funding to date by investors such as DST Global, GIC, Morningside Group, HOPU Investment Management company, QiMing venture Partners and Qualcomm Ventures. In December 2014, it had raised over $1 billion from investors including GIC valuing the company at over $45 billion, as per reports.
Ratan Tata is known for making investments in start-ups and emerging Indian companies. Ratan Tata previously invested in Paytm a mobile recharge platform owned by One97 Communications Ltd. Ratan Tata also invested in e-commerce site Snapdeal from his personal fortune.
Xiaomi is also planning to launch a manufacturing in India under the ‘Make in India’ campaign.