Xiaomi's India sales surpass $1bn

Xiaomi surpassed $1 billion in annual India revenue two years after selling its first smartphone in the country, as Chinese names begin to dominate the world’s fastest-growing major market at the expense of local players. Xiaomi said it grew shipments by almost 150% in 2016, selling two million smartphones in the third quarter alone. The company had focused on India since failing to meet sales targets and dropping to number four in a home market it once led. According to Bloomberg, India is increasingly attracting foreign players as global demand stagnates. Apple is said to be exploring ways to expand its business there. Chinese companies in particular went on an advertising blitz in 2016, touting superior specifications at affordable prices, which helped Chinese brands account for 51% of smartphone shipments in November, according to Counterpoint Research.