Indian businessman Ratan Tata has invested an undisclosed amount in Chinese smartphone manufacturer Xiaomi.
Xiaomi has recently unveiled its new Mi 4i handset in India priced at INR12,999 ($204).
The Chinese firm entered the Indian market in July 2014, selling its Mi 3 smartphone via an agreement with e-commerce company Flipkart.
Commenting on the latest investment, Xiaomi founder and chief executive officer Lei Jun said: "Mr 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."
Tata said: "Xiaomi is one of the fastest-growing companies in the world. It has brought its innovative business model and high-quality products to India with huge success."
IDC said Xiaomi had 4% share of India’s smartphone market in the fourth quarter of 2014.
Content from our partners
In December 2014, Xiaomi raised $1.1bn at a valuation of $45bn from investors including All-Stars Investment, Singapore sovereign-wealth fund GIC and Russian firm DST Global.
