by Priya Jadhav
Bengaluru, INDIA, 17 January 2020 – Xiaomi, India’s number one smartphone and smart TV brand, today announced an important change in company structure with POCO spinning off as a standalone brand.
POCO started as a sub-brand of Xiaomi in 2018 with a small team. Its first smartphone, POCO F1, was incredibly successful and remains an extremely popular phone till date. With this restructuring, POCO will run independently of Xiaomi with its own team and go to market strategy.
Addressing the announcement, Manu Jain, Xiaomi Vice President and Xiaomi India Managing Director, said, “What started as a sub-brand in POCO has grown into its own identity in a short span of time. POCO F1 is an extremely popular phone across user groups, and remains a top contender in its category even in 2020. We feel the time is right to let POCO operate on its own now, which is why we’re excited to announce that POCO will spin off as an independent brand. Join me in wishing the POCO team the best!”
About Xiaomi Corporation
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.
With the vision of being friends with its users and being the “coolest company” in the hearts of its users, Xiaomi is committed to continuous innovation, with an unwavering focus on quality and efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technologies.
Xiaomi is currently the world’s fourth-largest smartphone brand, and has established the world’s largest consumer IoT platform, with more than 196 million smart devices connected to this platform, excluding smartphones and laptops. Currently, Xiaomi products are present in more than 80 countries and regions around the world and have a leading foothold in many of them.
In July 2019, Xiaomi for the first time made the Fortune Global 500 list, ranking 468th among all, and 7th in the Internet Services and Retailing category. It is also the youngest Global 500 company of 2019.
Xiaomi India is the number 1 smartphone player since Q3 2017 IDC Quarterly Mobile Phone Tracker report.
Xiaomi India is the number 1 Smart TV brand since Q2 2018 IDC Worldwide Quarterly Tracker.