Manukumar Jain, the man who built Jabong was on the lookout for his next venture. He wanted to do something in the hardware space and flew to China hoping to raise money from investors. But as luck would have it, he ran into Xiaomi's then-wise president Hugo Barra,. And instead of going the founder out, Jain became Xiaomi's first executive here.
“Xiaomi to slash smartphone line after conceding India missteps.”
Bloomberg carried this headline a couple of days ago.
Once the #1 smartphone maker in India, Xiaomi has lost its crown and slipped to #4 on the charts. So in today’s Finshots, we dive into the Xiaomi story.
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