From 18 banks across the world, Xiaomi has been granted a $1 billion loan. The coordinator of the global loan is Deutshe Bank and Morgan Stanley.
The money will be used for expansion of retail shops internationally. Already, Xiaomi nas 149 “Mi Home” retail shops in China. They currently have a small retail presence in India, but according to Xiaomi, they plan to have 100 retail shops in India within the next two years.
Though specific business plans regarding the money have not been announced, most likely the money will be used to continue their expansion in India and perhaps to break into other parts of Asia.
The loan news comes on the heals of Xiaomi reporting their best earnings report to date, which included a 70% increase over Q1 2017 and 121% increase year-over-year (Q2 2016-Q2 2017) growth.
Xiaomi has already designed their own System on Chip (SoC), which will be featured in upcoming smartphones, and have also inked a deal with Nokia to jointly develop artificial intelligence and virtual reality technologies.
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