Xiaomi makes first investment in India, leads $25 million funding in Hungama
Posted on:05 Apr 2016 09:30:43
05 April 2016 Current Affairs GK: Xiaomi has made its first investment in India, leading Xiaomi is leading an investment round of $25 million in Hungama, with existing investors," said Xiaomi's head of international operations Hugo Barra. "At the same time we're partnering for video on demand service in India and integrating it into our platform.The investment marks Xiaomi's first investment into a start-up outside its home market of China, and underlines the importance of the fast growing Indian smartphone market, which is well on its way to become a leading base of internet consumers, from the present base of around 400 million users. Xiaomi will integrate Hungama's video on demand service with the Mi platform available on smartphones and televisions, the latter not yet available in India. The companies did not divulge the timeline of integration, but said that post the integration, the platform will have some free and some paid content that will be part of the monetisation strategy. China's largest smartphone maker is replicating its home model in India, where it has launched two of its leading smartphones in 2016, including the latest flagship Mi 5 last week. Though it trails top five players in the handset sales business, it is among the first amongst the deluge of Chinese players to have invested in a company in India.Xiaomi aims to have a similar ecosystem here and feels that video on demand is one of the fastest growing services which will become a key driver for users to get on to the internet.Barra estimates 4G customers in the South Asian nation to skyrocket to 180 million by 2018, from about 6 million at present.Neeraj Roy, Founder and CEO, Hungama said that the investment will further strengthen the company's movie and television services, besides adding to its 65 million monthly active consumers across platforms that access music, video and movie services in several vernacular languages.
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