Xiaomi Inc. was founded in April 2010 and has grown from being called the ”Apple of China” to become one of the world’s largest smartphone manufacturers. Xiaomi which has included a smart bike and scooter, a rice cooker, TVs, air purifiers, smart bulbs, and even a body scale in its manufacturing portfolio, is expected to go public in 2025.
Lei Jun, Xiaomi’s founder, mentioned during a tech expo on Tuesday that after the company was formed in 2010, he knew it would need at least 15 years to hold an initial public offering (IPO), which puts the date at 2025.
The company has suffered a recent drop in market share as it has now been bumped out of the top 5 by two other Chinese manufacturers, Oppo and Vivo which are actually owned by the same parent company (BBK Electronics).
Xiaomi which mainly used an online only sales model has started putting up brick and mortar shops in places like Beijing and plans to have five to six stores in major cities.
The company is also looking to expand to North America and Europe after having added Brazil and India to their list of offices. Xiaomi is expected to launch a set-top box running Android TV in the US later this year.