China's Xiaomi raises $90 million in B-round funding: report
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China's Xiaomi raises $90 million in B-round funding: report

www.reuters.com   | 21.12.2011.

SHANGHAI (Reuters) - Chinese low-end smartphone maker Xiaomi has received $90 million in B-round venture capital funding from investors such as IDG Capital, Temasek Holdings and Qualcomm Inc, the 21st Century Business Herald reported on Wednesday.
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The latest round of financing values Xiaomi at $1 billion, the paper reported, quoting the firm's founder Lei Jun.

After this round of financing, the total amount of financing Xiaomi raised reached $131 million.

The funds will be used to improve Xiaomi's technology and after sales customer service, the newspaper reported.

China's smartphone market is hotly contested as Apple Inc and low-end smartphones running Google's Android system vie for consumers' affections.

(Reporting by Melanie Lee; Editing by Jacqueline Wong)


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