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Xiaomi revenue zooms 135% to $12 bn in 2014

Chinese smartphone giant Xiaomi Inc. on Sunday said the company sold a whopping 61.12 million smartphones in 2014, up 227 per cent on year-on-year basis.

Total sales revenue with tax reached 74.3 billion yuan ($12 billion) up 135 per cent year on year, company founder and CEO Lei Jun said in an open email to his employees.

Sales of the brand expanded to six countries and regions over the past year, including India, Malaysia, Singapore and the Philippines.

Xiamoi ran into trouble in India after brisk sales following a lawsuit filed by Ericsson for violation of its patents. The company, headquartered here, was valued at $45 billion in the new round of financing late December, state-run Xinhua quoted Lei as saying.

The announcement comes as the company released its new model, Redmi 2, on Sunday for sale in China for 699 yuan ($113), considerably cheaper than its other models. The Redmi 2 keeps much of the original model’s ingredients. It has the same 4.7-inch, 1280 x 720 display, but under the hood there’s an upgraded Qualcomm 410 quad-core processor.

Xiaomi, which means "millet" in Chinese, was founded in April, 2010 by Lei and his friends in Zhongguancun, Beijing's technology hub which has been called "China's Silicon Valley". Xiaomi's first smartphone made its debut in August, 2011. 
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