Xiaomi is seeking to expand its business in India and sell electric vehicles, laptops, gaming consoles, computer accessories, lifestyle products and network equipment, after successfully wooing the Indian customers through its smartphones sales and building a robust brand name in the country's mobile market.
The Chinese smartphone maker said in a filing with the Registrar of Companies (ROC) that it can potentially sell all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other mechanical power including the components and spare parts, Economic Times reported.
The company also plans to enter the country's payments bank business. Further, it also wants to manufacture and sell merchandise such as clothes, toys, backpacks and suitcases.
This filing with ROC comes at a time when reports suggest that Xiaomi seeks an initial share sale in 2018, which will expectedly take the company's valuation to more than $50 billion. This will further help the company raise money for boosting its position in the Indian consumer market.
Xiaomi already sells products such as electric bikes, laptops, tablets, television, and smart lighting solutions among others in China.
Its decision to expand to such businesses in India will also give a sturdy competition to the Indian manufacturers in those segments.
"We have expressed our interest to bring several of our non-smartphone products to India multiple times, but only after ensuring that we have picked the right product and customised it to India's needs," a spokesperson told Economic Times.
However, the spokesperson also made it clear that the company's regulatory filing does not potentially indicate that all the new products will be launched in India soon.
Xiaomi is also preparing itself to go for an initial public offering (IPO) by next year.
"Since they have built the brand successfully in India, Xiaomi has equal opportunities for success here in products beyond smartphones," said Tarun Pathak, a researcher at CounterPoint Research.
