Xiaomi looking to invest US$1bil in Indian startups

An attendee holds a Xiaomi Corp. Mi A1 dual camera device during the smartphone's launch in New Delhi, India, on Tuesday, Sept. 5, 2017. Google is teaming with China's Xiaomi to resurrect its Android One smartphone program for India, revamping a stalled effort to showcase its mobile software for users in emerging markets. Photographer: Anindito Mukherjee/Bloomberg

BENGALURU: Chinese phone and appliances maker Xiaomi Corp will invest as much as US$1bil (RM4.15bil) in 100 startups in India over the next five years, seeking to create an ecosystem of apps around its smartphone brand, chief executive Lei Jun said in an interview. 

Lei said Xiaomi and its sister company Shunwei Capital, which have purchased stakes in six Indian internet companies including Hungama and KrazyBee, will invest in businesses such as content, financial technology, hyperlocal services, including mobile phone repairs, and manufacturing in order to increase the adoption of mobile internet in the country.