Chinese tech startup Xiaomi is reportedly in the process of finalising a new mega-funding round which would value the smartphone manufacturer at around 61 billion yuan ($10bn).
According to Doug Young at the SCMP:
The latest reports are somewhat conflicting, with some saying the company has already closed its latest funding round and others saying it expects to close the deal by the end of this month. Xiaomi’s valuation based on this latest investment also varies in the different reports, but the general consensus seems to be the injection would value the company at between $9 billion and $10 billion (HK$77.6 billion). That means the new investors are most likely getting around 20-25 per cent of Xiaomi in this latest funding.
Chinese internet giant Tencent is rumoured to be a potential investor, via Russia’s Digital Sky Technologies (DST), an early investor in Facebook and previous Xiaomi funding rounds.
According to Want China Times, Xiaomi co-founder Li Wangqiang was recently in Shenzhen, where he met with top Tencent executives.
Xiaomi told The Next Web that the two companies would hold a joint press conference on July 30 to announce a strategic partnership related to Tencent product QQ.
Xiaomi reported revenue of 13.2 billion yuan ($2.6bn) in the first quarter of 2013, more than the company’s entire revenue for the previous year.
[Image via: TNW]