Xiaomi to invest Rs. 100 crore in India, will create jobs for 10,000 people
Smartphone maker Xiaomi India on Thursday announced a Rs 100 crore fund to support expansion of its retail reach in the country.
Under the new initiative — Grow With Mi (GWM) — the company plans to double the number of its offline retail touch points as well as exclusive retail stores.
“We will increase or double the retail touch point this year. We are going to double the number of MI stores in the next 2 years. From 3,000 Mi stores, our plan is to double it down and go to 6,000 plus Mi stores in the next two years,” Xiaomi India Managing Director Manu Jain said during a virtual conference.
He said that each Mi store typically employs about three people and therefore the company expects to generate employment for around 10,000 people in the next two years.
The company has a direct and indirect workforce of over 60,000.
“We will keep aside a Rs 100 crore support package that we will provide to the partners over next 2 years. The money will be spent in building shops or stores,” Jain said.
He said some investment will be done by the store owners and the fund will support them in decoration, IT resources etc.