Xiaomi Corporation is a  multinational electronics company of Chinese origin which was

found in April 2010. Currently it is headquartered in Beijing. The brand makes and invests
in smartphones, laptops, consumer electronics, various mobile apps, home appliances, bags,
shoes, and various other products. Currently, Xiaomi is the third company in the world
after Samsung and Huawei to have self-developed mobile phone chip capabilities.

In August 2011, Xiaomi had released its first smartphone and it speedily gained market
share in China to become the largest smartphone company in China 2014. In 2018, Xiaomi
became the world's fourth-largest smartphone manufacturer in China, which was the largest
market, and in India which was the second-largest market. Xiaomi later came to develop an
extensive range of consumer electronics which includes a smart home (IoT) product
ecosystem, which has connected more than 100 million smart devices and appliances.
Monthly active users (MAUs) of MIUI, which is an Android based operating system
developed by Xiaomi, increased to 291.6 million in September 2019.

The business model that Xiaomi follows is that the company prices their phones at
almost bill-of-material prices, and not compromising on the component quality and
performance compared to other premium smartphones. The company sees hardware sales
as a means of delivering software and services in the long term. In fact, 94% of the
company's revenue came from mobile phone sales, an even higher proportion than Apple.
Xiaomi also profits by selling phone-related peripheral devices, smart home products, apps,
online videos and themes.

Xiaomi did not own any physical stores, at first, to reduce overhead costs, selling exclusively
from its online store. In the following years, Xiaomi has opened 54 brick and mortar stores
to combat the strategies of other low-cost competitors in Chinese markets. Xiaomi also
relies heavily on social networking services and word-of-mouth to publicize its products
instead of traditional advertising methods.

While traditional OEMs incur large upfront productions costs, which have to be recovered
by selling prices, in order to ship phones, some of which may not sell, out to retailers all
around the world, Xiaomi is able to place cheaper batch orders as demand dictates through
their inventory optimisation methods. Limited availability flash sales ensure that supply
never surpasses demand and helps in promoting its products

Xiaomi is the youngest company on Fortune Global 500 list for 2019 ranking 468th on the list.
Xiaomi is also the world's 4th most valuable technology start-up after receiving US$1.1
billion funding from investors, making Xiaomi value more than US$46 billion. Presently,
Xiaomi has 16,700 employees worldwide. It has managed to expand to other markets
including Greater China, Singapore, Japan, South Korea, Russia, South Africa and most
countries and regions in Southeast Asia and Europe. According to Forbes, Lei Jun, the
founder and CEO, has an estimated net worth of US $12.5 billion.  In 2019, Xiaomi's mobile
phone shipments reached 125 million units, ranking fourth globally since 2018. The
company has been listed on the Hong Kong Stock Exchange since 2018.

Source- https://en.wikipedia.org/wiki/Xiaomi
https://en.wikipedia.org/wiki/Xiaomi#Business_model