Xiaomi announces hitting 2017's $15.8 billion target ahead of time

(Reuters/Jason Lee)Xiaomi made it big in 2017.

One of the tech companies that made it big last year was Xiaomi, and the Chinese phone manufacturer announced that it hit one of its major goals way ahead of time.

According to a report from CNBC, the company reached its 100 billion yuan or about US$15.8 billion revenue target for 2017. The announcement came from one of the company's top executives who noted that Xiaomi was able to reach the target with relative ease.

"Yes, we achieved our target successfully even in October, November time," said Wang Xiang, senior vice president and head of the international business at Xiaomi, in an interview last Monday. Moreover, Wang said that the company can even do more this year. "We can do much more than a 100 billion RMB in 2018," Wang added, though he did not disclose Xiaomi's revenue targets for the current year.

One of the countries where Xiaomi is currently making huge strides is in India. Independent analysis firms Canalys and Counterpoint recently released their reports, confirming that Xiaomi had already overtaken rival Samsung in the smartphone market leadership in the South Asian country. Canalys had reported Xiaomi beating Samsung in the fourth quarter of last year with a 27 percent market share compared to the latter's 25 percent. Counterpoint, on the other hand, also revealed similar results, noting Xiaomi's 25 percent market share against Samsung's 23 percent.

"Xiaomi's persistence has paid off," said Canalys Research Analyst, Ishan Dutt. "Its results are commendable, given it entered the market just three years ago. Multiple factors have contributed to Xiaomi's growth, but the key reason for its current success lies in the autonomy that it granted its Indian unit, letting it run the business locally. Localization in channel strategy, marketing and products has been evident in Xiaomi's Indian operations," Dutt expounded.

Furthermore, Bloomberg reported last month that Xiaomi has chosen Morgan Stanley, Goldman Sachs, Credit Suisse Group AG, and Deutsche Bank AG to lead a flotation this year. The move could equate to Xiaomi's valuation that could reach up to as high as US$100 billion, noted a source who had information on the matter.