Xiaomi makes first investment in India
Xiaomi Corp, has made its first investment in India by leading a $25 million (around Rs. 170crore) investment in Hungama Digital Media Entertainment, a music and video streaming service provider. Existing investors Intel Capital, Bessemer Venture Partners and Indian billionaire Rakesh Jhunjhunwala also took part in the round of funding.
Firstly Xiaomi Released smartphones Redmi 1s, and has since launched several devices, including the Redmi Note 3 and the Mi 5, For the first time they are invested in indian company.
The vice president Hugo Barra says, Xiaomi has been an internet company from the start, we are thinking of smartphones as a platform for us to deliver internet servies. As our user base in india grows and as 4G penetration in
India continues picking up, we will start digital media through Xiaomi devices. And the company is investing in Hungama not only to integrate content into our smartphones, But also to grow together with them.
“We are planing to invest further strengthen our movies and Tv services, Hungama play will shortly add 1500 hours of TV conent in Indian languages and English” says Neeraj Roy Founder and CEO, Hungama.
