Xiaomi backs Indian consumer lending startup ZestMoney in $13.4M deal—TechCrunch
What happened: Chinese smart hardware maker Xiaomi led a $13.4 million round in Indian consumer lending startup ZestMoney. The new capital is an extension to ZestMoney’s recently closed $6.5 million Series A and it takes the company to $22 million raised to date.
Why it’s important: In wake of a globalization initiative, Xiaomi is poised for deep-dive in India where the smartphone maker has recorded impressive growth so far. The investment comes after Xiaomi announced its plan to invest $1 billion in 100 Indian startups by 2022. Fintech is an important area for Xiaomi. The company has invested in several fintech startups including Chinese P2P lending site Jimu Box, online brokerage startup Tiger Brokers, online financial service Caogentouzi, as well as another Indian lending platform KrazyBee.