Xiaomi becomes third largest smartphone maker in just three years

Xiaomi Corp has made it to the top-three smartphone making companies in just three years of launch, outselling rivals with low-budget smartphones packed with high-end features.

Xiaomi now holds the third position, following Apple at second place and Samsung leading the list.

Founder Lei Jun is expanding the Beijing-based company internationally by starting sales in India and Singapore as he targets 10 new markets. Xiaomi, which makes devices using a customized version of Google Inc's Android operating system, keeps costs down by selling directly to consumers online, Chinadaily reported.

Xiaomi has set a goal of boosting sales fivefold to 100 million phones next year.

executive director of Strategy Analytics, Neil Mawston said that Xiaomi was the star performer in the quarter. Its Android smartphone models are wildly popular in the Chinese market. Xiaomi's next step is to target the international market.