Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Xiaomi, which recently closed a $1-billion funding round, is keen to work with Indian startups in mobile technology, content aggregation and connected devices, a top company executive has told ET. For Xiaomi India, setting up its own startup ecosystem, like it has done in China, is one of its key priorities this year. “We may co-develop, invest or launch their products. We have discussed with a few startups so far,” said Manu Jain, Xiaomi’s India head, while declining to name the startups or the investment size.
Xiaomi identifies itself not as a smartphone maker but as a mobile technology and e-commerce company, and has invested in Chinese startups in areas like smart light bulbs, a video site and fitness band.
“Startups would find it lucrative to work with Xiaomi versus other corporates, as it is agile and has been able to grow, coupling the scale brought forward by both the internet and mobile era,” said Jayant Kolla, partner at Convergence Catalyst. The Indian division of one of the most valuable startups in the world works out of a diminutive office in a Bengaluru tech park and has sold a million devices in India over the past five months. Original post at ET Telecom