Xiaomi is one of the largest electronics manufacturers in the world, known primarily for its low-cost smartphones. The company was founded in China in 2010 by Lei Jun, the current CEO and the country’s 25th richest person, according to Forbes magazine.
The brand name comes from the combination “Xiao” (small in Mandarin) and Mi (mandarin rice). Although it has never been confirmed, rumors suggest that the choice of name is due to Xiaomi’s goal of being as present in people’s lives as rice.
The company’s initial proposal was quite simple: sell good and cheap smartphones over the internet, applying a great marketing strategy on social networks to attract consumers.
In November 2014, Xiaomi became the world’s most valuable newly created technology company after receiving $4.1 billion in funding, increasing its valuation to more than $46 billion. In October 2020, China surpassed Apple in the ranking of the world’s largest mobile phone manufacturers, taking third place and second only to Samsung and Huawei.
The first product of the brand was launched in April 2010. It was the first version of MIUI, a custom interface based on Android 2.2 Froyo and which is updated to this day.
As for the first smartphone, it hit the market in August 2011 as Xiaomi Mi 1. This model was China’s first with dual-core processor and price well below the competition. Since then, Xiaomi has launched other more powerful phones, all registering an immense success.
In addition to the mobile sector, Xiaomi also operates in other areas of the industry, with smart home products, televisions, smartwatches, printers, security cameras, notebooks and more.
