Xiaomi made their first deal in India with Hungama Digital Media Entertainment for Video on Demand (VoD). The deal closed with $25 million funding. India is a big rising market for smartphones, recently 4G service powered up and the future is content streaming. Hugu Barra, Xiaomi Vice President confirmed this news earlier on Twitter. The VoD service in India is just getting better.
Xiaomi leading a US$25M round into Indian VoD & entertainment company Hungama, with Intel Capital and Bessemer, our first deal in India!
– Hugu Barra on Twitter
Hungama already has over 8,000 Indian movies in their basket and millions of users streaming them everyday. And, they have partnered with over 700 publishers. Expect everything to be bigger and better service, after everything kicks off.
Xiaomi has already been doing business in India for last few years. But, the first time they are investing in another company. They have production facility in India for their Mi branded phones. Recently launched a high-end phone MI5 for 24,999 INR (Indian Rupee).
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