Xiaomi, the Chinese electronics giant is backing an Indian company called WorkIndia by investing Rs 42 crores ($5.89 million) in the company. The Indian recruitment firm had already received several investments from Japanese firms like Beenext Pte and Asuka Investments. Currently, the app has more than 20 million unique app sessions per month and presence in more than 700 cities across India.
“The Company has created a massive dent in the Indian Blue Collar segment within a short span of time.” stated Manu Jain, Xiaomi’s global vice president.
This is not the first time that the Chinese mobile manufacturer is investing in India, earlier they had invested in companies like Sharechat, Zest Money and TouchTalent. Also, Shunwei Capital which is managed by the founders of Xiaomi had invested in a regional language podcast app named Kuku FM. According to some reports, Chinese venture capitals have made about $4 billion worth of investments in India in the year 2019.
WorkIndia app allows candidates to browse through the portal for job opportunities that match their skills and geographical location and apply for jobs either through call or through a click. One of the major reasons for the app’s development is the steady rise of Indian smartphone users and the availability of cheap data connectivity.
Indian game-streaming platform Loco raises $42 million in latest funding round
Indian food delivery platform Swiggy to launch $800M IPO early next year
U.S. sanctions $100 million sales for Taiwan missile upgrade
Mukesh Ambani’s Reliance Industries to buy the Mandarin Oriental in New York for $98 million
Xiaomi India slapped with $88 million notice for alleged tax evasion
© 2022 CIO Bulletin. All rights reserved.