Photo Feature

Russian roulette

Chinese smartphone manufacturer Xiaomi has found backing from Russian millionaire Yuri Milner

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.