China's Xiaomi targets 2017 sales of over 100 billion yuan ($14.47 billion), Chief Executive Lei Jun said on Thursday, after a year that saw the firm fall down the smartphone vendor rankings while it overhauled its business. "The worst is over," Lei said at an annual meeting in Beijing, describing 2016 as a "make-up year". Seven-year-old Xiaomi was briefly the world's most valuable startup and had hopes to be China's equivalent of Apple Inc. Lei did not detail Xiaomi's financial results but said the smartphone vendor ranked among the top three in India with sales of over $1 billion, and that revenue from its smart hardware ecosystem exceeded 15 billion yuan. Lei said Xiaomi has over 300 people working on loans, insurance, securities, finance and payments, as well as securing the necessary licenses.
Source: India Today January 12, 2017 08:39 UTC