Xiaomi to bring crowdfunding platform to India

Chinese tech firm Xiaomi may soon bring its 'crowdfunding' platform to India that will help start-ups working on consumer electronics to sell their wares through the medium.

In China, Xiaomi runs a crowdfunding platform where hardware start-ups submit their products and consumers can book them, helping these companies raise funds in the process.

While these are not Xiaomi-branded, the products are compatible with Xiaomi's Mi Home app.

"We are open to bringing the programme but we will have to change certain things before we can launch it in India," Xiaomi Vice President Hugo Barra told PTI.

Xiaomi, which is betting big on the Internet of Things (IoT) space with its Mi Ecosystem, has invested in 55 start-ups that work on connected devices ranging from air purifiers to drones.

Talking about the challenges of bringing the platform to India, Barra cited the example of certifications that electronics products need for selling in the country, which takes anywhere between 3-6 months to get.

"Consumers pay the money in advance and it wouldn't be fair if they had to wait for such a long time before they get the product delivered. We will have to figure out these challenges before we can bring the programme here," he said.