Xiaomi plans expansion in India via electric vehicles, payments bank: Report

By Digit NewsDesk | Published on 12 Dec 2017
Xiaomi plans expansion in India via electric vehicles, payments bank: Report
HIGHLIGHTS

Xiaomi is reportedly planning to foray into the payments bank space and also launch its electric vehicles in India.

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Xiaomi has made a regulatory filing with the Registrar of Companies (RoC) in India revealing the company’s plan for expansion in the country. As per an ET report, the filing indicates that the Chinese smartphone maker wants to sell electric vehicles (EV) in India and also foray into the payments banking space. 

Xiaomi, in its filing, said that it could sell “all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts.” The company has already launched its electric bikes and scooters in China.

The company is also ready for other business opportunities as the filing says it wants “to carry on the business of nonbanking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators.” This indicates Xiaomi’s interest in India’s digital payments space where currently Paytm, Airtel and only a handful of more companies are operating. 

Xiaomi is also interested in launching its other products in the country like computer accessories, lifestyle products, laptops, gaming consoles, and network equipment, the report says. The filing also suggests that the products could be sold via both online and offline channels. This move by Xiaomi comes amidst the news that the company is filing for IPO next year. The company is reportedly seeking a valuation of $50 billion or more.

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