China’s Xiaomi is now worth a whopping $45 billion

The up-and-coming mobile handset manufacturer in China is none other than Xiaomi, and expectations are stratospheric for the technology start-up. Xiaomi has been making quite the name for itself with an impressive line-up of affordable smartphones. Even one of its more recent releases, the Mi4, is a flagship contender with potent and current hardware, and exceptional build quality, all for under $400. Xiaomi has already surpassed Samsung’s shipment volume in China, and while no future is guaranteed, we can expect to see the new smartphone darling of China to continue expanding.

Xiaomi Corp. is raising more than $1 billion in its latest round of funding, valuing the fast-growing Chinese smartphone maker at more than $45 billion and making it one of the most valuable technology startups in the world, a person familiar with the matter said. The round, which could close as early as Monday, is led by All-Stars Investment, a tech investment fund run by former Morgan Stanley analyst Richard Ji, the person said. Other participants in the round include Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, which are both already shareholders of Xiaomi. Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd. Executive Chairman Jack Ma , is also participating in the round, the source said. The person declined to say how many shares will be sold in the latest round. A Xiaomi spokesman declined to comment. The $45 billion-plus valuation puts Xiaomi above most other Silicon Valley and Asian technology startups. Earlier this month, U.S. ride-sharing service Uber Technologies Inc. said a new round of funding valued it at $41 billion.