The Chinese tech giant, a popular smartphone brand throughout a number of countries in Asia, has raised around $1.45 billion in equity financing from notable names including Qualcomm Ventures and IDG Capital, though it has also revealed that it previously secured another three-year syndicated loan in 2014.
"Xiaomi HK Ltd has signed a three-year term United States dollars 1 billion syndicated loan agreement..."
The loan was secured from 18 banks across Europe, the Middle East, India, China, Hong Kong and Taiwan.
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Xiaomi founder, Chairman and CEO Lei Jun said "new retail" (an integration of online and offline retail) and globalisation are two of the company's top strategic areas for development. To date, Xiaomi has opened 149 Mi Home stores across China, with plans to open more in order to improve distribution channels.
Xiaomi had announced that it shipped 23.16 million smartphones in the second quarter of 2017, an increase of 70 per cent from previous quarter.
"The loan is aimed at further Xiaomi's key focuses across the world including growing its worldwide footprint - Xiaomi now sells, or has sales partners, in over 20 countries - and building out an offline presence".
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