Xiaomi has announced that it is shutting down its financial services division to focus on its core business in India.
Xiaomi is a Chinese company that sells various technology products including smartphones all over the world. Xiaomi continues to lead the Indian smartphone market in the current third quarter. According to a report released by market research firm Canalys, Xiaomi continued to lead the way with sales of 9.2 million units online in July ahead of the festive season.
In 2018, Xiaomi started MI financial services division. In 2019, it changed its name to MI Credit and started offering personal loans online. According to the company, only in November 2019 (Rs. 1 crore per day) in trial mode Rs. It has said that it has given personal loans up to 28 crores. Xiaomi claims to have disbursed loans worth Rs 125 crore and attracted more than 2 crore customers through its digital platforms (MI Credit, MI Pay) till December 2019.
In this case, Xiaomi India’s spokesperson said in a statement, “We have decided to focus on our core business services. We have closed MI Financial Services in March 2022. In a short span of 4 years, we have been able to serve thousands of clients. We continue to work together to support our partners and consumers.”
It says so.
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