Xiaomi is on a roll. After selling 90 lakh smartphones every quarter in India and sharing the top spot Samsung, the Chinese company is now eyeing the electric vehicles and payments bank business in India, reports The Economic Times.
In a filing with Registrar of Companies (RoC), the company has mentioned that it aspires to 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 also wants a share in the booming ‘payments bank’ business in India. The filing further says it plans "to carry on the business of non-banking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators".
Apart from these, other electronic products which the company looks to sell in India include computer accessories, laptops, gaming consoles, lifestyle products and network equipment. Surprising as it may sound but the company may also venture into lucrative non-electronic products such as merchandise, toys, clothes, suitcases, among others.
India is the second biggest market for Xiaomi after its home-turf China and the company is looking to expand its product line beyond smartphones. The products which the company is looking to sell in the country in future is already on offer in China. The company’s product portfolio in China includes laptops, televisions, smart lighting solutions, health products, electric bikes, household appliances like washing machines, air-conditioners, refrigerators, vacuum cleaners, water purifiers and also lifestyle merchandises such as apparel, shoes, bags, toys etc.
The company has already made amendments in its Memorandum of Association (MoA) to this effect in order to expand its business. However, the move does not have a binding effect on the company to venture into such businesses and the company may choose to enter these branches of businesses in future only if the company feels it has the right product for the market.
Reports have also surfaced about Xiaomi’s upcoming Initial Public Offering (IPO) in China and its expansion plans will help the brand achieve a position of strength in the growing Indian consumer market.