Xiaomi’s founder Lei Jun has announced that the company has sold 61.1 million smartphone units in 2014, which is more than three times (326 percent to be precise) of 16.7 million units sold in 2013. Xiaomi’s revenue stood at $11.97 billion in 2014, which is double the company’s revenue in 2013, though its profits weren’t revealed.
Xiaomi’s executives said that other manufacturers (like OnePlus and Micromax’s Yu) are now trying to copy their business model. The Chinese smartphone brand is famous for selling dirt-cheap priced devices in ‘flash sales’ via online channels. Xiaomi has had a stellar entry into the Indian smartphone market and it recently announced that it had sold over a million smartphone units in the country.
Xiaomi has also raised over $1 billion in a new round of funding at a valuation of over $45 billion. Their valuation is the second highest ever by a private company, trailing only by Facebook’s $50 billion valuation in 2011. Founded in 2010, the Chinese smartphone brand is now diversifying its product portfolio, which now includes television sets, tablets, smartphone accessories, and even an air purifier.