Xiaomi is talking to several investors to raise significant amount of money that would increase its valuation to anywhere between $40 and $50 billion.
The company, which is currently the world’s third-biggest smartphone maker, had a financing round in August 2013 that valued the company at $10 billion.
If the so called “Apple of China” manages to pull this off, it will emerge as one of the most valued phone makers in the world, with valuation that tops that of Sony ($19.5bn) and Lenovo ($15.6bn).
In recent months, Xiaomi has been venturing outside of its core business of phone making, having launched its first activity tracker and wireless blood pressure monitor. The company may also be working on a GoPro-like camera that could start selling by the end of this year, all while eyeing the mHealth market for the next cycle of growth.
Last month, Xiaomi appointed former Google employee Jai Mani as lead product manager and Spotify’s Donovan Sung to lead international product development.