wordpress blog stats
Connect with us

Hi, what are you looking for?

Xiaomi may bring electric bikes, payments bank to India

Xiaomi

Chinese smartphone maker Xiaomi has made a filing with the Registrar of Companies (RoC) in India which offers an insight into its roadmap for expansion in India which includes plans to sell electric vehicles, laptops and set up a payments bank. In a statement to Medianama, a Xiaomi spokesperson said, “I would like to clarify that the regulatory filings from Xiaomi only indicate a change in the objects clause of Xiaomi’s memorandum of association to detail any product which Xiaomi might choose to launch and sell in India in the future. This is not an application for a license or a permission to introduce these product lines.”

This was first reported by the Economic Times. The publication said that the Beijing-based company said it can potentially sell “all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts.”

Entry into payments banks

The filings also highlight the company’s interest in the financial services sector. ET reports, the company said it wants “to carry on the business of nonbanking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operator”.

In the consumer electronics space, the company is reportedly looking to expand its portfolio and sell laptops, video game consoles, computer accessories and network equipment. It also wants to manufacture and sell merchandise like t-shirts, toys, and backpacks.

Shashi adds: Note that Paytm and ICICI Banks have started offering short-term credit to users. This could beginning of how payments banks in the country will start offering loans to customers. Remember, payments bank are not allowed to give out loans from their own books but are allowed to partner with other financial institutions to source loans for them. As such, products on Paytm’s e-commerce arm Paytm Mall could be easily be offered on credit to customers. Xiaomi may want to follow a similar approach if they get a payments bank licence.

Advertisement. Scroll to continue reading.

However, recent reports had stated that four functional payment banks in the country had demand deposits of Rs 236.45 crore at the end of September this year. Demand deposits refer to money in savings and current accounts. Airtel Payments Bank had the highest number of deposits with Rs 224.03 crore growing 26% from Rs 177.05 crore in August. The report added that Fino held Rs 6.8 crore while Paytm Payments Bank held deposits of Rs 3.5 crore as on September 30.

Bringing in EVs and IoT devices

In China, Xiaomi already sells foldable electric bikes and mini self-balancing scooters. It also sells a multitude of consumer electronic products like laptops, smart TVs, smart lighting solutions and health and fitness monitors that are yet to launch in India.

In recent years, the company has made an aggressive push for the smart-home/internet-of-things space with washing machines, refrigerator, water purifiers and air conditioners. The ET report adds that Xiaomi Technology India has accordingly amended its memorandum of association for doing business in these categories. The company has said in the filing that it may sell these products through both online and offline channels in India.

IPO plans

According to media reports from earlier this month, the company is said to be in talks with investment banks about a possible initial public offering and seeking a valuation of at least $50 billion.

“We want to transplant China’s business ideas into other countries,” company founder and CEO Lei Jun said at the World Internet Conference in Wuzhen earlier this month, without commenting on an IPO. “In India, we’ve created a miracle. After only three years, we’ve become number one.”

Advertisement. Scroll to continue reading.
Written By

Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ