Ratan Tata, chairman emeritus of Tata Sons, has invested in the Chinese smartphone maker Xiaomi in a personal capacity. The financial details of his investment are a mystery at this point. According to Xiaomi, this is the first investment by any Indian in the company.
“We’re really excited to announce our newest Xiaomi investor — Mr Ratan Tata, Chairman Emeritus of Tata Sons. We’re incredibly honored by this extraordinary vote of confidence. Mr Tata is very excited about Xiaomi and our plans for India, and we’re really looking forward to working with him as an investor and advisor,” wrote Hugo Barra, VP, Xiaomi Global, in a Google+ post.
Xiaomi is world’s most valued tech start-up right now and was valued at $45 billion in December 2014, when it raised around $1.1 billion from various existing and new investors.
This is not the first investment from Rata Tata in a technology start-up, he had earlier invested in PayTM as well. He also holds stakes in e-commerce start-ups like Snapdeal, Urban Ladder and Bluestone.
The investment in Xiaomi from Tata comes at a point, when the company is aggressively trying to woo the Indian consumers. The company recently hosted its first global smartphone launch event in New Delhi and showed a smartphone made specifically for the consumers in India. The company has partnered with multiple new e-retailers to better offer its devices to the country’s consumers.