Xiaomi will no longer do this business in India, due to this the services are closed.
Smartphone maker Chinese company Xiaomi has withdrawn its business from India. The company on Friday announced that it has closed Mi Financial Services in India. The company said the move is a part of its strategy and wants to focus on some other businesses in India.
It is worth noting that Xiaomi launched Mi Pay in the country in 2019 and it has added more than 20 million users in the country. After this, the company later also introduced Mi Credit. Mi Credit was initially launched in May 2018 and was re-introduced on 3 December in 2019. It works to give personal loan to Mi users.
This loan was approved online in lesser documents. According to the data released by the company, it disbursed personal loans of Rs 28 crore till November 2019. Whereas after this the company has given a loan of more than Rs 125 crore.
The spokesperson for the company said, “We discontinued Mi Financial Services in March 2022. In a short span of four years, we have managed to connect and support thousands of customers. We are working with our partners and supporting our users throughout this process.”
Let us tell you that the investigation is going on against Xiaomi regarding the tax. Xiaomi’s bank accounts in India have been frozen, with assets worth around Rs 5,500 crore. A case has been registered against Xiaomi under the Foreign Exchange Management Act.
The company topped the Indian smartphone market in the third quarter of this year. According to a report by market research firm Canalys, Xiaomi has sold 9.2 million units of the smartphone. However, the sales result of the festive season has not been released by the company yet. Apart from smartphones, the Xiaomi company sells smart TVs, laptops and other electronic gadgets in India.
