Xiaomi makes Smartphones, Smart TVs and Smart routers but also has made investment in many startups and boast of a wider portfolio of lifestyle products. The Mi Ecosystem is an unified sub-brand bringing together the products from all its ecosystem partners.
The successful Chinese company has invested in 55 companies so far and among these 29 companies have been incubated by Xiaomi from the start including Zhimi , which makes the Mi Air Purifier, Viomi which makes the Mi Water Purifier.
Xiaomi’s strategic investments have paid rich dividends so far, with various products bagging around 28 international design awards till date. Zhimi’s annual sale of air purifiers crossed one million, Zimi has sold over46.9 million power banks to date, while Huami has sold over 18.5 million fitness bands. Among the 55 companies in the Mi Ecosytem, seven have annual sales of over RMB 100 million, while two have reached annual sales of over RMB 1 billion.
CEO Lei Jun, founder, Xiaomi, started exploring the ecosystem business model two years ago with a mindset to “promote an upgrade in Chinese manufacturing with a new concept of ‘Made in China’ products”. Rather than simply being a venture company, Xiaomi imparts to these companies its approach to making quality products, sharing its methodologies and existing resources, including supply chain, e-commerce, marketing and branding.
Today Xiaomi also announced a new product on their Mi Ecosystem by announcing Mi Induction Heating Pressure Rice Cooker. Priced at RMB 999 (US$ 154) , it is less than 40% the price of comparable high-end Japanese induction heating pressure rice cookers, and will be available for sale on Mi.com in China during Mi Fan Festival on April 6.