Xiaomi Corp.’s valuation could more than double to $100 billion, spurred by its latest financing round, according to investor Yuri Milner.
China’s largest smartphone vendor has the same potential as Facebook Inc. and Alibaba Group Holding Ltd. (BABA) to reach that valuation, said the billionaire Milner, an early investor in all three companies. Xiaomi today announced it was valued at $45 billion following a $1.1 billion funding round that included Milner’s DST, Singapore’s GIC Pte and All-Stars Investment Ltd.
Xiaomi founder and Chief Executive Officer Lei Jun is expanding overseas and unveiling new products including an air purifier to build on growth in China, where the company overtook Samsung in smartphone sales. A combination of high-end features and low prices has lured customers and Lei is now expanding into content and services.
In the September quarter, Xiaomi was the world’s third-largest vendor behind Samsung and Apple. It plans to sell 100 million phones next year. Xiaomi also will unveil a new “flagship product” next month.
Xiami could become China’s first global consumer brand.