Xiaomi launches crowdfunding platform in India
What's the story
Xiaomi has launched its crowdfunding platform in India called Mi Crowdfunding.
Crowdfunding is when creators ask a wide number of people to invest small amounts of money in their project so that their product can see the light of the day, instead of running behind select investors to put in large amounts of money.
Mi Crowdfunding will sell a range of "innovation-driven products."
Products
Mi Bluetooth Audio Receiver and Mi Selfie Stick Tripod
Mi Crowdfunding platform currently has two products listed: Mi Bluetooth Audio Receiver and Mi Selfie Stick Tripod, priced at Rs. 999 and Rs. 1,099, respectively.
First is a wireless headphone amplifier that connects to smartphones via Bluetooth v4.2 to play music and answer calls.
Second is a combination of a tripod and a selfie stick with support for a Bluetooth remote that clicks photographs.
Concept
How crowdfunding works
Products on crowdfunding platforms need to reach a certain backing to go into mass production and officially hit the markets.
If a product does not reach a pre-defined sales target within a certain time period, it is canceled and the investors get their money back.
So, early investors benefit by backing a product during the fundraising phase due to its initial low pricing.
Information
Get investing on Mi Crowdfunding
You can buy the two products on Mi Crowdfunding via credit card/debit card, internet banking, and digital wallets. They will be shipped once their target is met. You can also back out of being an early investor, cancel the order and get a full refund.
Roadmap
Tell Xiaomi about the products you want launched
Xiaomi India's Online Sales head Raghu Reddy said that the crowdfunding platform, which was only operational in China until now, will help Xiaomi gauge what products do buyers want that are not part of the company's portfolio yet.
For this, Xiaomi will bring new products to the platform every quarter.
Mi Crowdfunding has been launched under the ongoing Mi Fan Festival.
Information
Xiaomi sells vacuum cleaners, security cameras, hoverboards in China
Xiaomi sells products like smartphones, LED TVs, power banks and mobile accessories in India. However, in its home market of China, its product portfolio includes robot vacuum cleaners, security cameras, water filters, smart rice cookers, and hoverboards.