Xiaomi’s 2014 revenue more than doubles to $12 bn

Chinese smartphone start-up Xiaomi Corp has more than doubled its revenue in 2014 to 74.3-billion yuan ($12 billion) compared to last year, while phone shipments skyrocketed over three times, according to a micro blog posted by the company's founder and chief executive officer Lei Jun.

During the year, the company sold 61.1 million handsets, up from 18.7 million in 2013, registering a 227-per cent jump. No further financial details have been disclosed.

''In 2015, the smart devices playing field will become extremely competitive, especially as the growth of the smartphone industry in mainland China slows down,'' Lei said.

Last month, Xiaomi cemented its position as the world's most valuable technological start-up after raising $1.1 billion, which took its valuation to more than $45 billion, topping online taxi company Uber Technologies' $41 billion.

Investors include private equity funds All-Stars Investment, DST Global, Hopu Investment Management and Yunfeng Capital, as well as Singapore sovereign wealth fund GIC.

Beijing-based Xiaomi launched in 2010 is led by China's eighth-richest man Lei Jun with a fortune of $9.1 billion, as per Forbes' October list. The company is now the world's third-largest smartphone maker after Samsung and Apple, while Lenovo and LG occupy the fourth and fifth slots, according to market research firm IDC. (See: Xiaomi emerges third-largest smartphone vendor globally).

Xiaomi has over 5,000 employees, mainly in China, Malaysia, Singapore and is expanding into India, Indonesia, Philippines and other countries.

It offers Google Inc's android-based smartphones at affordable prices that rival high-end models of peers.

Last year the company registered a net profit of $566 million, The Wall Street Journal reported, quoting a confidential document.

Lei said that Xiaomi is coming up with its next flagship device in mid-January, although no further details have been revealed. Speculations range from a new Mi smartphone to a larger 5.5 inch Mi4S or a low cost Redmi note or a tablet.

Xiaomi sold over a million devices in India in the last five months, despite a temporary ban by Delhi High Court in December on sale, import or manufacture of the company's products in India. The ruling was based on a complaint by Swedish technology giant Ericsson which alleged patent violation.

However, the injunction was lifted a week later. (See: Xiaomi Redmi 1S to resume sales next week)

Xiaomi has been following a strategy of selling more of its products online instead of relying on retail sales, to cut costs.

Lei said Xiaomi's rivals are seeking to imitate its business model, although he did not specify how they were doing so.

Xiaomi, with a valuation of over three times that of world's top PC maker Lenovo, has the same potential as Facebook Inc. and Alibaba Group Holding Ltd. to reach a valuation of $100 billion, according to some investors.