In first India deal, Xiaomi leads $25M round for music/movie streaming firm Hungama
In first India deal, Xiaomi leads $25M round for music/movie streaming firm Hungama Xiaomi has furthered its push into India after completing its first investment in the country. The Chinese smartphone today announced it has led a $25 million round for Hungama, a video and music streaming service that claims 65 million users, and that it will integrate the company’s services into its content platform in India “in the near future.” Xiaomi has made a concerted effort to gain marketshare in India’s fast-growing smartphone market since it began selling there in 2014. It joined the government’s Make In India program and took strategic investment from top businessman Ratan Tata, and has long said on record that it would invest in startups that complement its business in India. “Xiaomi has been an Internet company from the very start. We think of smartphones as a platform for us to deliver Internet services, and this includes content,” Xiaomi VP Hugo Barra said in a statement