Xiaomi aims at $1 billion revenue via mobile services in 2015

Xiaomi globally launched its latest phone, the Mi 4i, in New Delhi last Thursday. Going by its price point, the phone looks set to repeat the magic of the erstwhile Xiaomi Mi 3 . But Xiaomi isn’t stopping just at its hardware products. According to a report in Yibada , the company is looking at getting a $1 billion revenue only through its mobile services this year. According the founder and CEO Lei Jun, the company expects to triple its revenue from mobile services such as games and a payment app. Xiaomi is already one of the most promising startups to come out in recent years, if one goes by the massive flash sales of its handsets. It is also valued at $45 billion , after it raised $1.1 billion towards the end of last year. In India too, renowned industrialist and former Chairman of Tata Sons, Ratan Tata has invested an undisclosed amount in the Chinese phone maker. The report states that Xiaomi made less than $300 million in revenue from services last year. According to the Wall Street Journal, the Xiaomi business had a net income of $559 million in 2013. According to Lei Jun, localisation of data storage for international users keeping in mind their privacy concerns is important. He considers Tencent and Alibaba to be his future competitors. Lei Jun has also said that Xiaomi will be building a data centre outside China by the end of the year and cloud services for Indian consumers will be managed by an India-based data centre soon.