After investing in 270 startups, Xiaomi sets up an investment company

The smartphone maker has backed numerous IoT companies.

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Xiaomi set up a subsidary with a registered capital of RMB 200 million (USD 28.9 million) earlier this month, to specialize in investment and consultations, as reported by 36Kr, citing corporate registration information.

The Chinese smartphone vendor, which has backed various Internet of Things startups, owns a 100% stake in this new company.

Xiaomi declined to comment when contacted by KrAsia on Tuesday.

Xiaomi is an investor in smart wearable maker Huami, in Chinese property-management SaaS vendor Qinlin Technology, in India’s bus-tracking app Chalo, and in online broker UP Fintech, among others.

Xiaomi’s management announced in its Q1 earnings call that it had invested in 270 companies with a total book value of RMB 29 billion (around USD 4.2 billion), representing a 28.6% year-on-year increase in investment value.

Ten companies that Xiaomi has invested in since 2018 have successfully gone public, and more are expected to list on bourses this year, the firm’s management said in its earnings call.

36Kr is KrAsia’s parent company.