Xiaomi Launches Online Portal In The United States And Sells Out All Products In 30 Minutes

The Chinese based Xiaomi has grown exponentially during the last 5 years and is now posing a serious threat to both Apple and Samsung, as the $45 billion dollar company looks to expand its global presence by targeting fast growing markets like India and the United States.

Xiaomi, also branded as the Apple of Asia sold over 61 million smartphones in 2014 and is expected to exceed those numbers in 2015. The company recently announced that it had opened up its Mi online store in Europe and the United states and sold out all products within a 30 minute period. The most interesting fact with those numbers is that Xiaomi did not sell any smartphones during this 30 minute period but only made available four accessories to the public.

The company sold a pair of headphones for $80, 2 battery packs for $10 and $14 and a fitness tracker for $15. Xiaomi had made available a total of 200,000 units as it initially wanted to test the EU and US waters and the 30 minute sale has confirmed that there is a huge market for Xiaomi products.

Xiaomi is a busy company. The fast-growing Chinese smartphone maker, which is valued at $45 billion, sold 61 million handsets last year, mostly on its home turf. It’s now going after other big markets like India, and testing the waters in the United State and Europe.

Hans Tung who is a managing partner at venture capital firm GGV Capital and an early investor in Xiaomi said “There’s a market for lower price point, mass market, high quality goods in the U.S. and Europe. This was a huge number — you just don’t see that with U.S. products.”