That India is an important market for Xiaomi is a foregone conclusion. But if the latest regulatory filings made by the Chinese consumer electronics giant are any indication, then it will seem that Xiaomi does not only want to sell smartphones in India.
Lei Jun, founder and CEO of China's mobile company Xiaomi. Image: Reuters
According to a report in The Economic Times, Xiaomi in its regulatory filing with the Registrar of Companies (RoC) in India has mentioned its expansion plans. This expansion roadmap includes plans to sell more consumer electronic products apart from smartphones, electric vehicles and its components as well as entering the payments bank sector.
Xiaomi has stated that it can potentially "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."
Apart from this, Xiaomi has also expressed a keen interest in offering payments bank-related services. These include leasing and financing, payment gateways, settlement system operators, mobile virtual network operators among other things.
Xiaomi sells a boatload of products across categories in China. This can go from a smart pen to a notebook to personal care products and much more. Xiaomi already has a foldable electric bike called the Mi QiCycle as well as electric scooters selling in China. Rumours of it launching an electric car have been doing the rounds of online forums for quite a while now.
According to ET, Xiaomi is also keen on selling consumer electronics goods such as laptops, gaming consoles, computer accessories, lifestyle products and network equipment in India. It is willing to sell these products online as well as via offline channels in India.
Speaking to ET, one Xiaomi India spokesperson said that the company's regulatory filing does not indicate that all the new products will be coming to India soon.
"We have expressed our interest to bring several of our non-smartphone products to India multiple times, but only after ensuring that we have picked the right product and customised it to India's needs," said the spokesperson.
Xiaomi has been on the fence for years now when it comes to getting some of its popular products such as the Mi TV to India. Since its launch, Xiaomi has diversified into selling audio products, smart devices such as fitness bands, air purifier, routers, power banks and accessories such as selfie sticks, Bluetooth speakers, flip covers, VR headsets and so on in India. It is only natural that it is looking to expand its India portfolio, now that it has got the smartphone market right.
The regulatory filing needs to be seen in the light of Xiaomi's dream of going public. Xiaomi is getting ready for an initial public offering (IPO) next year, at a valuation beyond $50 billion.
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