Ratan Tata Invests In Chinese Phone-Maker Xiaomi

Days after hosting its first global smartphone launch in India, Chinese smart devices-maker Xiaomi has announced that Ratan Tata, chairman emeritus of Tata Sons, has made an investment in the company.

The news was first shared by Hugo Barra, vice president of international for Xiaomi and the company’s official Indian accounts on social networks.

This is the first investment by any Indian in the company. However, monetary details of the investment have not been revealed.

Commenting on the investment, Lei Jun, founder and CEO of Xiaomi, said, “Ratan Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”

Xiaomi has had six rounds of funding to date by investors such as DST Global, GIC, Morningside Group, HOPU Investment Management company, QiMing venture Partners and Qualcomm Ventures. In December 2014, it had raised over $1 billion from investors including GIC valuing the company at over $45 billion, as per reports.

Indian billionaires are increasingly investing in mobile and internet related technology ventures. It’s worth mentioning that last month Ratan Tata had invested in mobile payments and commerce venture Paytm, picking up a small stake in One97 Communications, which owns and operates the company. In August 2014, Ratan Tata had invested in e-tailer Snapdeal in his personal capacity. Tata’s previous investments in India’s consumer internet sector include Urban Ladder, Bluestone and CarDekho.

In March, Premji Invest, the family office of Wipro’s billionaire chairman Azim Premji, had led an $80-million round of funding in US-based mobile operating system startup Cyanogen, whose founder claims his objective is to create a  and “put a bullet through Google’s head.”