Ratan Tata, the former chairman of Tata Group, has once again caught media headline after acquiring stocks in the Chinese smartphone manufacturer company, Xiaomi. He has become the first Indian to invest in Xiaomi. The investment was announced by Xiaomi, but the company did not reveal the amount. The investment was in Xiaomi’s global business.
It was his ninth investment since March last year. Other eight companies where he invested are Snapdeal.Com, Urban Ladder, Bluestone, CarDekho.Com, Swasth India, PayTm, Grameen Capital and Altaeros Energies. With this latest investment, Tata now has covered almost all sections of online services- payments, automobiles, furniture, jewellery, apparel, and mobile phones.
Xiaomi, which was set up in April 2010, is considered as one of the world’s most valuable start-up companies. It has raised $1.1 billion fund in December. It has also got investments from global funds like Singapore’s sovereign wealth fund, GIC, All-Stars Investment and Yuri Milner’s DST Global.
The five year old company is estimated to be worth $45 billion. Now, the company’s evaluation is three times more than that of personal computer maker, Lenovo. Since its launch in India in July last year, it has become the fifth largest smartphone maker in the country.