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Xiaomi launching ''crowdfunding'' platform to India
TT Correspondent |  |  05 Apr 2018

Chinese handset major Xiaomi 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).

Xiaomi India Head Online Sales Raghu Reddy told that "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".

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

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

It 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.

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