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January 5, 2015

Xiaomi’s revenues double in 2014

Reports 227% rise in smartphone sales to 61.12 million.

By CBR Staff Writer

Chinese smartphone maker Xiaomi has generated $11.97bn in pre-tax sales during 2014, reporting a 135% rise when compared to 2013.

The world’s third largest smartphone maker reported a 227% rise in smartphone sales to 61.12 million, up from less than 20 million in 2013 .

Xiaomi chief executive Lei Jun said on his Weibo microblog: "2014 is a year of important milestones for Xiaomi. We came from behind and became market leader in China. We have successfully entered seven markets outside mainland China."

"In India, we sold over 1 million smartphones in less than five months."

Last week, Xiaomi raised $1.1bn in a funding round that valued the firm at $45bn, making it the world’s most valuable tech start-up.

Investors participating in the funding round include All-Stars Investment, DST Global, Hopu Investment Management, and Yunfeng Capital, in addition to Singapore sovereign wealth fund GIC.

Xiaomi is expected to rollout a new a new flagship device this month. India has temporarily banned sales and import of Xiaomi handsets over patent infringement allegations from Ericsson.

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