Xiaomi shuts financial services in India to focus on core business services

Global technology brand Xiaomi on Friday said it has closed the Mi Financial Services in India as part of its strategic assessment activity and to focus more on core business services in the country.

The company launched Mi Pay in the country in 2019 which garnered more than 20 million users in the country. The company also launched Mi Credit later.

In a statement to IANS, Xiaomi India said the move is "to enhance focus on our core business services".

"We closed the Mi Financial Services in March 2022. In a short span of four years, we were able to connect and support thousands of customers. We are working with our partners and supporting our consumers during this process," the company spokesperson said.

Xiaomi India said it will continue to bring the latest technology and innovation for all with "our products and services in the future".

Initially launched in May 2018 and then relaunched on December 3 in 2019, Mi Credit was an online curated marketplace for lending, to offer personal loans to Mi Fans.

According to the company, it disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the pilot phase which ran through November 2019.

It later informed that over Rs 125 crore worth loans were disbursed via its digital lending solution in India till December 2019.

The company led the India smartphone market in the third quarter this year. According to a report by market research firm Canalys, Xiaomi held onto the first place with 9.2 million units as the brand gained traction from July's online sales ahead of the festival season.