Xiaomi may launch its crowdfunding platform in India

Chinese smartphone and internet company, Xiaomi could bring its crowdfunding platform to India for helping startups working on consumer electronics to sell their wares online.

"We are open to bringing the programme but we will have to change certain things before we can launch it in India, something we have been focused on in China for a long time," Xiaomi Vice President Hugo Barra told PTI.

Xiaomi runs a crowdfunding platform in China where hardware startups submit their products and consumers can book them, helping these companies raise funds in the process through the ‘Mi Home’ app.

Xiaomi is planning a similar model in India where the Mi Home app will aid consumers to buy products while paying for them. While doing that, they’ll be contributing to the crowdfunding.

Talking about the challenges of bringing the platform to India, Barra cited the example of certifications that electronics products need for selling in the country, which takes anywhere between 3-6 months to get.

"Consumers pay the money in advance and it wouldn't be fair if they had to wait for such a long time before they get the product delivered. We will have to figure out these challenges before we can bring the programme here," he said.

The crowdfunding platform, if launched, could not only prove to be a much-needed boost for hardware tech startups in India but can also be extremely helpful for those who lack initial funds. Xiaomi has already helped over 55 startups that work on connected devices, ranging from vacuum cleaners to smart rice cookers. All these products are currently available through the Mi Home app in China.