Xiaomi eyes electric vehicles, payments bank, lifestyle merchandise foray in India

Xiaomi is on a roll. After selling 90 lakh smartphones every quarter in India and sharing the top spot Samsung, the Chinese company is now eyeing the electric vehicles and payments bank business in India, reports The Economic Times.


In a filing with Registrar of Companies (RoC), the company has mentioned that it aspires to sell “all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts”.

The company also wants a share in the booming ‘payments bank’ business in India. The filing further says it plans “to carry on the business of non-banking financial companies, payments bank, leasing and financing, other financial services, payment gateway and settlement systems operators, mobile virtual network operators”.

Apart from these, other electronic products which the company looks to sell in India include computer accessories, laptops, gaming consoles, lifestyle products and network equipment. Surprising as it may sound but the company may also venture into lucrative non-electronic products such as merchandise, toys, clothes, suitcases, among others.