Xiaomi Corp. raised $1.1 billion in a new funding round that values China's largest smartphone vendor at $45 billion, or about triple closest competitor
Investors in the financing include
Lei is expanding overseas and unveiling new products, including an air purifier, to build on growth in China, where Xiaomi leads
In the September quarter, Xiaomi was the world's third-largest vendor behind Samsung and Apple, according to Strategy Analytics. Lei plans to sell 100 million phones next year after expanding into India, Singapore, Malaysia, Indonesia and the Philippines.