By Shawn Lim

Electronics giant Xiaomi has announced that they have secured a US$1 billion loan in debt financing from a group of 18 banks led by Deutsche Bank and Morgan Stanley.

The Beijing-based company also raised around $1.45 billion in equity financing from venture capital firms like Qualcomm Ventures and IDG Capital.

The money will allow the company to pursue their plan of building more offline bricks-and-mortar stores, which ranks as a top priority for development by the Chinese company.

“The global syndicate of top-tier banks is a strong endorsement of Xiaomi by the international capital markets,” said Shou Zi Chew, Xiaomi’s chief Read full story ›

Source: The Drum