Xiaomi Technology is understood to be in the process of closing a financing round that will value the Chinese smartphone maker at around $4bn – nearly half of European phone giant Nokia’s market capitalisation, Reuters reported on Tuesday.
The company, which sells smartphones at a fixed amount of RMB1,999 ($310), said last month that sales of its flagship product, a high-end, Android-powered smart phone called the M1, had reached 1.8 million since sales began last September.
The news follows a recent $90m Series B tranche of funding led by Hong Kong-based IDG Capital, Singapore sovereign wealth fund Temasek and global mobile technology giant Qualcomm.
The last round of financing valued the company at about $1bn and brought the total raised to date to $131m. It is not clear how big this most recent financing round is or which firms invested in the business, the report added.
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