Scalper1 News
It pays to be an Apple (AAPL) copycat. Chinese smartphone maker Xiaomi (roughly pronounced show-me) just completed a $1.1 billion financing round that values the young company at $45 billion. The funding round, announced early Monday, makes Xiaomi the most highly valued tech startup in the world, besting the recent $40 billion valuation for Uber, Re/code reported. Investments last year valued the fast-growing company at $10 billion, up from $4 billion in 2012. Xiaomi was founded in April 2010. Xiaomi is on an annual revenue run rate of $10 billion as it expands into markets like India and enters new product areas such as TVs, streaming video boxes and headphones. But profits are scant, just $56 million in 2013. Scalper1 News
Scalper1 News