Xiaomi to kick-start its first ever ‘crowdfunding’ platform in India

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The Chinese smartphone player Xiaomi, which is about to inaugurate its biggest Mi Fan Festival today has also announced to introduce ‘crowdfunding’ platform in India that would only sell the best selected variety of “innovation-driven products”.

Under this scheme, the company would curate a list of these products. According to PTI, Xiaomi stated that when certain sales number are targeted then product will then shipped to the customer and it fails to meet the targeted number in a specified timeline, customers will get back their full money.

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).

“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,” Xiaomi India Head Online Sales Raghu Reddy told PTI.

Every quarter, Xiaomi will bring innovative products on its platform, said Reddy. He also asserted Xiaomi will get a clear idea of customer’s sentiment on certain technology products, which is not available with them at this moment.

The “crowdfunding” platform is already in operation in China where new hardware companies sell their products for customers to book, which in the end also assist these companies to raise funds in the procedure.

In India, Xiaomi’s product range includes smartphones, LED TVs, power banks and mobile accessories. Nonetheless, in China, the company has an extensive range of products that includes robot vacuum cleaners, security cameras, water filters, smart rice cookers and hover boards.

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