Xiaomi eyes over $2 billion revenue from India

Xiaomi is expecting revenue of $2 billion (Rs 12,867 crore) from its India operations this year, doubling its top-line over 2016.

"We have seen 328% growth in H1 2017 compared to same period last year. This was driven by strong sales of devices like Redmi Note 4 , Redmi 4A and Redmi 4. 2X growth over last year is definitely achievable in 2017," said Xiaomi India Head Manu Jain.

The company had registered revenues of $1 billion last year. According to research firm IDC, Xiaomi had a market share of 14.2% during January-March 2017 quarter.

Jain said the company is focussing on expanding its retail presence as well as after-sales service. Xiaomi India now has 500 service centres compared to about 225 at the beginning of the year.

Also, the company is setting up Mi Homes to allow consumers to experience the products before buying them. The first Mi Home was set up in Bengaluru in May.

"We had said we will set up 100 such Mi Homes. The next two will come up within this month in Bengaluru. However, we hope to have one Mi Home each in Mumbai, Delhi, Chennai and Hyderabad within this quarter," Jain said.

Xiaomi, which competes with the likes of Samsung , Lenovo , Vivo and Oppo in India, launched a new handset -- Mi Max 2 -- priced at Rs 16,999.

The device features a 6.44-inch display, Qualcomm Snapdragon 625 processor, 4GB RAM, 64GB internal storage (expandable upto 128GB), 12MP rear and 5MP front cameras and 5,300 mAh battery.

The above 5.5-inch display handset market has grown from less than 15% at the end of December 2014 to over 35% currently, Jain said.

While the 6-inch display handset category is nascent, it is fast growing as more and more people consume content on their mobile screens and look for larger displays, he added.

"Globally, Mi Max (first generation) sold 3 million units. We are sure the second generation -- Mi Max 2 -- will be received well too," he said.

The device will go on sale from July 27 across online and offline platforms. It will also be available on sale on July 20 and 21 on Mi.com and Mi Home as part of the company's three-year anniversary celebration.