Xiaomi is a Chinese designer and manufacturer of consumer electronics and related software, home appliances, and household items. Behind Samsung, it is the second-largest manufacturer of smartphones.
The company sold 146.3 million smartphones and its MIUI operating system had over 450 million monthly active users
The Founder
Lei Jun is the founder of Xiaomi, he is a Chinese billionaire entrepreneur.
He attended Wuhan University, where he completed all credits within two years and graduated with a BA in computer science. During his last year of college, he started his first company.
In 1992, Lei joined Kingsoft as an engineer, becoming the CEO of the company in 1998 and leading it towards an IPO.
However, he resigned as president and CEO of Kingsoft for health reasons in 2007.
After resigning from Kingsoft, Lei became an investor. He invested in over 20 companies including Vancl.com, UCWeb, and social platform YY.
He continues to invest in companies in the e-commerce, social networking, and mobile industries through Shunwei Capital, an investment company for which he was a founding partner.
In 2010, Lei Jun founded Xiaomi.
How Xiaomi Was Created
On 6 April 2010 Xiaomi was co-founded by Lei Jun and six others: and originated in South Korea
Lei had founded Kingsoft as well as Joyo.com, which he sold to Amazon for $75 million in 2004.
At the time of the founding of the company, he was dissatisfied with the products of other mobile phone manufacturers and thought he could make a better product.
On 16 August 2010, Xiaomi launched its first Android-based firmware MIUI. The company raised $41 million in a Series A round.
Three years later, the company became the fifth-most-used smartphone brand in China. It sold 18.7 million smartphones.
The Name Xiaomi
Xiaomi is the Chinese word for "millet". But there are deeper meanings to it.
Lei Jun linked the "Xiao" part to the Buddhist concept that "a single grain of rice of a Buddhist is as great as a mountain", suggesting that Xiaomi wants to work from the little things, instead of starting by striving for perfection.
While "mi" is an acronym for Mobile Internet and also "mission impossible", referring to the obstacles encountered in starting the company.
He also stated that he thinks the name is cute.
First Product
The company's first product launched is the Xiaomi Mi1.
It is a high-end, Android smartphone produced by Xiaomi. The device uses a Qualcomm Snapdragon S3 (dual-core, 1.5 GHz) as its CPU and an Adreno 220 as its GPU.
The device is initially sold at a price of ¥1999. When it was released, the device received more than 300,000 pre-orders in the first 34 hours.
Other Products
Xiaomi does not only sell smartphones but other products as well. The company aims to offer consumers a wide range of products at affordable prices.
Xiaomi has since gone on to tout the power of its ecosystem as a driver of growth as it expanded in the internet of things (IoT) with myriad connected devices, from simple wall outlets to appliances like air purifiers and rice cookers.
In 2016, the company needed 40 different kinds of electronic products to keep consumers shopping in their store. The company had already invested in 55 different smart hardware manufacturers as well.
Some of the company’s best-selling products are items you wouldn't think they have such as. backpacks, luggage, and umbrellas.
Huami, the maker of the Amazfit wearables line now known as Zepp Health in English, makes Xiaomi wearables like the widely popular Mi Band, once the best-selling wearable in the world.