Xiaomi Set to Target Feature Phone Users in India

Xiaomi, the Beijing based electronics company is set to introduce an “very cost effective high-performance smartphone” targeting the Indian feature phone users. The development was shared by Lei Jun, founder and president of Xiaomi in the third quarter earnings call on November 24, 2020. The company on November 24, 2020, announced its third quarter earnings result for the period ended September 30, 2020, with Xiaomi registering an 34.5% Year-Over-Year (YoY) increase in its revenues. The Beijing based company also recorded an 18.9% YoY increase in its net profit.

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Xiaomi Has Over 25% Market Share in India

In its third quarter results, Xiaomi citing a Canalys report said that it has captured 26.1% market share by smartphone shipments in India.

“Indian market, we are number one for I think 13 quarters already,” Jun said in the third quarter earnings call.

The president of Xiaomi also highlighted that the Indian smartphone market is worth 130 million to 150 million every year. However, Jun said that the “growth areas” in Indian market is the feature phone segment.

“You can also see another 150 million feature phones,” Jun said in the third quarter earnings call. “So that means, we have a lot of work to do, right? We should continue to innovate to make a very cost effective high-performance smartphones to serve the Indian consumers.”

Jun also said that the company is “very, very optimistic” about its future growth in the next five year period.

“We should go build the channels down to the countryside, the villages to serve the people there so that they can be equipped with a mobile internet so that we hope we can change their lives and help them to have a better life with the access to the internet,” Jun said in the third quarter earnings call.