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Xiaomi Billionaire CEO Is Doubling Smartphone Bet on India

  • Lei Jun expects global revenue to pass $15 billion this year
  • India, new retail model is propelling healthy growth once more
An attendee handles the Mi5 smartphone, manufactured by Xiaomi Corp.
Photographer: Chris Ratcliffe/Bloomberg
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The worst may be over for Xiaomi Corp

The Chinese smartphone maker once compared with Apple Inc. has resumed growth and global revenue should surpass $15 billion this year as an expensive gamble on India pays off, billionaire co-founder Lei Jun said. After spending $500 million in the subcontinent since its debut two years ago, he pledged another investment of that size over the next three to five years.