We have been closely tracking and have extensively covered Xiaomi's business which primarily has been smartphones. Xiaomi is the world's fourth largest smartphone brand and the number one smartphone brand in China, thanks to Xiaomi's bestselling models
(see here) such as Redmi 2 & Redmi Note in entry-tier as well as hightier respectively. Xiaomi has adopted "Hardware as a Distribution" strategy selling hardware at a very competitive price points in order to acquire users for the Xiaomi's platform. We have discussed about different aspect of different service offerings around Xiaomi's ecosystem in the attached report.