Chinese phonemaker Xiaomi crosses $1 billion revenue target in India

China's leading smartphone maker Xiaomi has earned over $1 billion (Rs 6,800 crore) in revenue in the Indian market in 2016. 

Manu Jain, Xiaomi India  head told the Economic Times that the company's sales doubled in the country since 2015.  Research firm IDC said that Xiaomi has 40% share of the Indian smartphone sector and its Redmi series alone sold nearly 11% of the total phones in its category. 

South Korea's Samsung earned revenue of Rs 47,001.4 crore with 70% of it coming from phone sales, followed by Chinese firm Lenovo  at second spot holding 13.4% market share with Rs 10,484 crore of revenue, ET said.  

On the other hand,  revenue of Apple India stood at Rs 9997.10 crore and Micromax at Rs 9825.46 crore respectively, ET reported. 

Till September 2016, Xiaomi was No 4 smartphone company in terms of volume with a 7.4% market share following Micromax, Lenovo and Samsung.

 Last month, Xiaomi  launched its entry-level VR (virtual reality) headset "Mi VR Play" and live-streaming "Mi Live" app in India.