A Chinese tech company is now the world's third-largest smartphone maker and the world's most valuable start-up. The company is called Xiaomi Inc. It just raised $1.1 billion and is worth $45 billion. That is more than LG, Motorola and Sony put together. Xiaomi is the world's fastest-growing smartphone maker. Its sales went up by 211 per cent last year. Its market share also went up from 2 per cent to 5 per cent. This success will continue.
Xiaomi's business model is to sell phones for what they cost to make. It makes profit from apps and software. Xiaomi has many fans. The company has competitions for fans to win prizes. This makes it very popular. Xiaomi wants to continue to create new, high-quality, high-performance devices, with great user experience. Not everyone likes Xiaomi. Apple's top designer said Xiaomi stole the design of the iPhone and many ideas from Apple.