Xioami, currently the world's third-largest smartphone maker, is now planning to raise about $1.5 billion in its fifth round of financing, media reports said.
The strategy of selling the phone will remain the same.
Micromax accounted for 22 per cent of smartphone sales in India
Xiaomi has unveiled its flagship Mi5 handset, priced at Rs 24,999.
Xiaomi is the third largest smartphone brand in the top 30 cities in India.
Manu Kumar Jain, India head, Xiaomi, tells Sangeeta Tanwar how the Chinese smartphone maker won over the Indian market.
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