Xiaomi by Jayadevan P.K

Author:Jayadevan P.K.
Language: eng
Format: epub
Tags: null
Publisher: HarperBusiness
Published: 2021-07-15T00:00:00+00:00

Source: Company filings, Ministry of Corporate Affairs.

Once the offline business took off, Xiaomi India started looking for ways to generate more revenue through its retail outlets. It struck deals with local retailers to increase its presence in smaller towns and cities. ‘Here, again, Xiaomi went directly to the retailer, cutting out the distributors in between. It now sells offline in over 40 cities and has more than 4,000 preferred partners who sell Xiaomi phones. It also launched in large format retailers that year with Sangeeta, Poorvika, Croma and Reliance Digital,’ FactorDaily reported.150 By the end of 2017, ‘25% of the company’s sales were from offline channels across over a dozen Indian cities’. Additionally, India’s metro cities now had Xiaomi showrooms, the Mi Home that exclusively sold Xiaomi devices, including power banks and air purifiers, with plans to set up smaller Mi homes in more cities in the coming years. By the end of 2019, nearly half of Xiaomi India’s revenues were expected to come from offline channels. Xiaomi now operates more than 2,500 Mi Stores, 75 Mi Homes and 20 Mi Studios. It has over 7,000 Mi Preferred Partner stores across the country.

By this time, the control from Beijing headquarters had loosened considerably, and the India team was at liberty to take decisions concerning everyday administration. This was especially caused by the boost in sales following the introduction of the Redmi series, with a price range starting from ₹5,499 and going up to ₹28,999, which instantly hit a sweet spot among customers from different income brackets in terms of both strategy and product pricing. Even so, senior officials from China continued to visit the Bengaluru office at regular intervals. In fact, until his resignation in early 2017, Barra spent so much time at the Bengaluru office that he jokingly called it his second home. With Barra’s resignation, Jain was promoted as the vice president of Xiaomi Global though he continued to focus on India. With time, his responsibilities were further expanded to accommodate the rest of the subcontinent. Accordingly, in January 2018, Jain became the managing director of the Indian subcontinent, which includes India, Bangladesh, Sri Lanka, Nepal and Bhutan—a portfolio that’s growing over time.

Jain turned thirty-seven in 2018. In just four years at Xiaomi he had raised himself from managing the company’s business in India to a much larger role overseeing the company’s South Asia business. His colleagues, including former employees at Xiaomi India, agree that Jain is a highly driven and ambitious person who is never too tired to learn something new. ‘He has amazing networking skills and always manages to leverage the right connections’. Aside from the good things his fellow employees say about him, the revenue numbers for 2018 also showed that Xiaomi India was in good shape. The company booked revenues of ₹35,427 crore (~$5 bn) in revenue in 2019, a 54 per cent growth from the previous year. Xiaomi had seen phenomenal growth and was showing no signs of stopping. It had already emerged as the leading smartphone in India, beating Samsung in the final quarter of 2017.

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