Xiaomi has become a household smartphone brand name in India. Xiaomi put smartphones in every Indian’s hand. And as a result, India has paid the company back in full. As per Xiaomi Technology India’s latest regulatory filings with the Registrar of Companies (RoC), the company’s total revenue in 2018-19 grew by 54% to Rs 35,426.92 crore as compared to Rs 23,061.11 crore it had clocked in FY18.
Xiaomi has grown tremendously in the last year. From a financial standpoint, we found that Xiaomi suffered a net loss of Rs.148.48 crore. This came in contrast to it’s net profit of Rs.301.62 crores in FY18.
The company in its regulatory filings with the RoC (Registrar of Companies), attributed this to “increase in the expenditure overhead and competition in the local and global market.” Xiaomi said it will take all efforts to increase revenue and retain earnings in the upcoming years.
Xiaomi has acquired the third largest revenue share in India, rounding at about Rs.35,426.92 crore. Samsung came in first at a staggering Rs 43,087.9(seriously? Even after the disaster that was Samsung Fold?).
BBK electronics took the silver prize, the company that owns Vivo, Oppo, Realme and Oneplus. In FY19, BBK Electronics group had posted sales of Rs 38,726 crore generated by the four brands together.
Xiaomi just sold it’s 100 millionth (we sure procreate) phone in India back in September 2019, and launched a video of it’s journey in the subcontinent.
As per market tracker International Data Corporation (IDC), Xiaomi continues to be the largest smartphone maker in India by shipment volumes with 27.1% share as of September 2019. This share declined marginally from 27.3% in the year ago period.
Xiaomi –despite stagnated growth — seems very positive about its future in the country. CFO Sameer Rao said in an interview with The Economic Times,”It has been a significant year with us witnessing highest mobile shipments of 12.6 million units in the third quarter of calendar 2019 as per IDC, whereas during festive season sale we witnessed 40% year-on-year growth and expansion of infrastructure leading to extensive investment,” said Rao. He said Xiaomi currently has the largest exclusive retail brand network in India.
With all of this, the company seems ready to lock it’s jaws even deeper in the Indian market. With a new Mi phone launching like every month, it won’t be long before the company hits the 10 billion mark.