Russian roulette

Russian billionaire investor Yuri Milner is betting big on Chinese smartphone manufacturer Xiaomi, which has — in the past — been accused of copying Apple’s products. With a $45-billion valuation, the company is today among the world’s most valuable tech start-ups. Xiaomi’s mind-boggling valuation follows a $1.1 billion funding run led by Milner’s DST and Singapore’s GIC. Milner believes Xiaomi will enter the $100 billion club soon, and if it does manage to sell its stated 100 million phones this year, he should have no reason to worry at all.