To reduce the hassle of renting houses at high costs, Xiaomi has established Mi Apartment (Beijing) Commercial Operation Management at a registered capital of about 700 million yuan or $108 million.
Mi Apartment is meant for Xiaomi employees, especially freshers, who find it difficult to afford expensive flats. The firm, wholly-owned by Xiaomi Communication Technology, has a wide business scope, including pre-packaged food, property management, rental of commercial housing and office space, technical services, and so on. This is a step towards ensuring employee happiness.
Meanwhile, Xiaomi has dropped its ‘Mi’ branding from its products, starting with Xiaomi Mix 4, which was launched in early August. This move is expected to unify its international brand presence and get rid of the perception gap between the brand and its products.
Very soon, Xiaomi will begin to offer gold loans, credit line cards, and insurance products in India. It will offer its full range of financial services across payment, lending, and insurance in the country. To do so, it will tie up with Axis Bank, Money View, Credit Vidya, Aditya Birla Finance, IDFC Bank and so on.
Already 40 per cent of its customers in the country are self-employed individuals and the rest are salaried. It is gearing to diversity and provide 20 per cent of the loans to micro, small and medium enterprises.