“The Chinese company has been ranked 468th in the list and is also the youngest company this year”
Nine years after its inception and a little over a year after its IPO, Xiaomi has entered the Fortune Global 500 list. The Chinese giant, launched in 2010, has grown to become one of the top smartphone and accessory maker in the world. The brand is especially popular in China and India, where it has a massive fan following. Xiaomi is also the youngest company to be part of the Fortune Global 500 list 2019. The company ranked 468th on the Global 500 list and 7th in Internet Services and Retailing.
As per the Fortune Global 500 list, Xiaomi had a total revenue of $26,443.50 million and net profit of $2,049.1 million in last fiscal year. Lei Jun, the Founder, Chairman and CEO of Xiaomi said, “It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi Fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey.”
Xiaomi was also part of Fortune’s China 500 list, where it was ranked 53rd. The company was founded in April 2010 and in 2012 it had reached a $1,453.72 million threshold in sales revenue. Fast forward to 2017, and the company managed to hit a sales revenue threshold of $14,537.21 million. Thanks to great sales and customer satisfaction, the brand has become the 4th largest smartphone maker in terms of sales volume. It saw a year-on-year growth of about 32 percent and has also invested/incubated in over 200 companies.
The Chinese manufacturer is more than just a smartphone brand. It is also quite a big name when it comes to smart connected IoT products. As per market research firm IDC, the company has one of the largest IoT platforms in the world, with about 170 million connected devices. Xiaomi has also ranked in the top 5 smartphone brands in over 40 markets around the world. It is also India’s largest smartphone brand with 31.4 percent market share.