Xiaomi to bring 'crowdfunding' platform to India

Chinese handset major Xiaomi today said it will bring its 'crowdfunding' platform to India through which it will sell a select range of "innovation-driven products".

Under the programme, Xiaomi will curate a list of these products. However, only after reaching a certain sales number will the product be shipped to the customer. In case the product fails to meet the targeted sales in the set timeline, customers get their money back.

The first two products that the company is bringing to the platform in India is an audio bluetooth receiver (Rs 999) and a tripod selfie stick (Rs 1,099).

"India is the first country outside of China where we are launching the 'crowdfunding' platform. It will enable us to gauge response for new product categories among consumers and determine a roadmap for such products," Xiaomi India Head Online Sales Raghu Reddy told PTI.

He added that the platform is also important in understanding consumer sentiment for technology products that are not yet part of the company's portfolio.

Reddy said the company will bring new products on the platform every quarter.

The platform is being launched as part of the company's Mi Fan Festival that will run during April 5-6. The company will offer a range of discounts and offers across products on its website Mi Home as well as partner channels.

In China, Xiaomi runs the 'crowdfunding' platform where hardware start-ups submit their products and consumers can book them, helping these companies also raise funds in the process.

Xiaomi, which is betting big on the Internet of Things (IoT) space with its Mi Ecosystem, has already invested in many start-ups that work on connected devices ranging from air purifiers to drones.

In India, Xiaomi's product range includes smartphones, LED TVs, power banks and mobile accessories. However in its home market, the company has an extensive range of products that includes robot vacuum cleaners, security cameras, water filters, smart rice cookers and hover boards.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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