China’s Xiaomi raises more than $1 bn in funding

China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above 45 billion, a report said Sunday.

Dow Jones Newswires, citing a person familiar with the issue, said the latest round of funding could close as soon as Monday.

It was being led by tech investment fund All-Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, the report said.

Private-equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part.

Established only four years ago, Xiaomi was valued at 10 billion in a previous round of funding in August 2013. A company spokesman declined to comment, the report said.