Chinese smartphone and electronics firm Xiaomi has created a new venture Xiaomi Financial Services to foray into Indian consumer finance and business-to-business (B2B) lending space.
The firm’s new venture will seek approval from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC).
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According to data from the Registrar of Companies (RoC), Xiaomi Financial Services India was incorporated as a unit of Xiaomi Finance HK and Xiaomi Singapore Fintech.
The new business will look to offer loans for electronics, home appliances, lifestyle products, vehicles, furniture, tools, utensils and office equipment.
It will also provide credit to firms, corporate or other entities for purchasing and acquiring goods, merchandise, assets of any nature. All the services are expected to be operated via an online platform.
In May this year, Xiaomi introduced Mi Credit in alliance with lending platform KrazyBee which offers quick loans to users.
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By GlobalDataLaunched in 2010, the company began operations in India in 2014. In August this year, Xiaomi reported a total revenue of $6.52bn (RMB45.2bn) for the second quarter, an increase of 68.3% year-on-year.
In May, the company announced that the Indian market contributed 32% of its total global revenue of $18bn in 2017.
