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Xiaomi’s investment house of IoT surpasses 300 companies

Xiaomi, the Chinese comapny famous for its budget smartphones and a bevy of value-for-money gadgets, said in a filing on Thursday that it has backed more than 300 companies as of March, totaling 32.3 billion yuan ($4.54 billion) in book value and 225.9 million yuan ($32 million million) in net gains on disposal of investments in just the first quarter.
The electronics giant has surely lived up to its ambition to construct an ecosystem of the internet of things, or IoT. Most of its investments aim to generate strategic synergies, whether it is to diversify its product offerings or build up a library of content and services to supplement the devices. The question is whether Xiaomi’s hardware universe is generating the type of services income it covets.

Monetize from services


Back in 2013, Xiaomi founder Lei Jun vowed to invest in 100 hardware companies over a five-year period. The idea was to acquire scores of users through this vast network of competitively-priced devices, through which it could tout internet services like fintech products and video games.
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