How Xiaomi Started?
Xiaomi is a Chinese electronics manufacturer with headquarters in Beijing. Lei Jun started the company in April of 2010 and by 2014, Xiaomi had become the leading smartphone manufacturer in China. One of the world's leading smartphone manufacturers today, Xiaomi is now ranked #5 overall. Xiaomi's lineup of smartphones spans a wide variety of product lines, including the Mi Series, Mi Note Series, Mi Max Series, Mi Mix Series, Mi NoteBook Series, Redmi Series, Blackshark Series, and Pocophone. The number of Xiaomi devices running the latest version of MIUI is estimated to be 291,6 million. In addition to desktop computers, laptops, mobile apps, mobile accessories, wearables, home appliances, and smart-home devices are available from the company.
Life was never easy for Lei Jun. The instances of pain and suffering are enough content for publishing a book! A true entrepreneur that he is, Lei never cratered in front of obstacles and pulled off stuff people would consider daunting. He was born in the city of Xiantao, China. Most of his childhood was plagued with rough phases growing up near the industrial city of Wuhan. Lei went on to pursue his BA in computer science from Wuhan University in 1991. After graduation, he had only one aim—serving the world through his learning.
After graduating, Lei joined Chinese software firm Kingsoft. He was an engineer in 1992. By competence and dedication, he quickly became CEO. During his tenure, he launched Joyo.com. Amazon.com paid $75 million for this online retailer in 2004. Lei invested in YY and UC at the start of the decade. he oversaw 70 financing rounds for his company. After 16 years at Kingsoft, Lei quit as CEO for health concerns and became Vice Chairman. In a few days, he invested in Vancl.com and UCWeb. Lei became CEO of UCWeb. Today, Alibaba owns UCweb and serves 500 million active users. In 2010, he founded Xiaomi.
Xiaomi's initial Android-based firmware, called MIUI, was released after a period of intense labour. The Xiaomi Mi1 and Mi2 smartphones were released by the firm in 2011 and 2012, respectively. The success of Mi1 prompted the company to improve upon the original smartphone with the release of Mi2. Mobicity played a key role in the company's eventual success in penetrating the technological markets of numerous countries, including the United Kingdom and Australia. A series of "Smart TVs" was introduced by the firm in 2013. Xiaomi has approximately $2 billion in annual revenue and 8,000 employees in China, Malaysia, India, the Philippines, and Brazil.
Behind the name of Xiao Mi
Few studies indicate that the word 'Xiaomi' can also signify 'Rice.'
Lei Jun compares the term 'Xiao' to the Buddhist proverb, "a single grain of rice is as great as a mountain," in order to illustrate the company's tenacity. "Only for fans" was its previous slogan.
The company's logo features the word "MI" printed in white within an orange rectangle. 'MI' is an abbreviation for 'Mobile Internet,' but Xiaomi has stated that it may also be read as 'Mission Impossible,' a reference to all the difficulties the firm has encountered to until.
Xiaomi has grown in sales and product ranges. The company reportedly has around 22,074 employees worldwide.
However, due to the Coronavirus pandemic, the smartphone company saw a decline in the Q1 of 2020. However, Xiaomi has also been declared as the only brand among the top five smartphone sellers, to achieve comparatively sound sales in the first quarter of 2020. It saw a 1.4% YoY from 2019, during the first quarter of 2020.
In 2019, Xiaomi’s total revenue was approximately RMB 205.84 Billion, and gross profit was nearly RMB 28.55 Billion. In the Q4 of 2019, the company’s total revenue grew by 27.1% to RMB 56.5 Billion with an attuned net profit of RMB 2.3 Billion and a 26.5% YoY increase.
The slogan "Innovation for everyone" encapsulates Xiaomi's mission to democratise access to high-caliber technological advancements. This is due to the excellent products and exceptional services offered by the organisation.
In 2020, Xiaomi plans to continue investing in the research and development of 5G devices, hoping to strengthen its standing in the high-end smartphone market. Additionally, there are plans for significant AIoT investment by the corporation.
Xiaomi announced on September 1, 2021, that the Mi name would no longer be used in the introduction of new products. The Chinese technology firm has chosen to stop using the "MI" brand going forward.