Letv's smartphone 'Le Mobile' gets record $530 mn funding

The internet conglomerate Letv on Wednesday announced a record $530 million funding for its smartphone unit 'Le Mobile' that is set to enter the Indian market.

In a letter to his employees, Letv founder Jia Yueting said it was the biggest funding after completing Series-A financing as part of its global expansion plans that include India.

As part of its expansion plans, Letv will carry on with its strategy of B-L-S (Beijing-LA-Silicon Valley) and build its ecosystem across new and existing geographies like the US, India and Hong Kong, Yueting added.

He also revealed information about progress of the conglomerate's "Super Car" and a plan to introduce a new eco chauffeured car service in collaboration with yongche.com, which he said will disrupt the current e-hailing market landscape.

"Letv allocates 50 percent equity of its unlisted assets to all staff members so that every employee becomes a true stakeholder of Letv and work in a truly enterprising spirit at Letv!" added the conglomerate founder in the letter.

He said what the world needs is not a second Apple but a company that can truly break the rules set by Apple.