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Xiaomi Has Raised $1B In Funding

Xiaomi, the fast-growing Chinese hardware company known for its low-cost smartphones, raised $1.1 billion in new funding. It’s now valued at $45 billion. The company will likely use the capital to increase sales of its smartphones in its key growth markets of India, Southeast Asia, Brazil and Mexico. In 2013, Xiaomi said it sold about 19 million phones, which it hopes will hit 40 million by year’s end.

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