Xiaomi is working towards improving its portfolio with the launch of devices worth Rs 1 lakh

We must develop into people who are capable of realising that goal. Right now, we want to be the top AIoT brand and the smartphone of choice for aspirational Indians over a multi-year period.

He said the company's new strategy will have three approaches, including end-to-end premiumization.

Muralikrishnan said the first goal is to engage in total premiumization of the entire business. The second is to drive and integrate smartphones into AIoT (artificial intelligence-based Internet of Things) ecosystems. Now, we are reaching the 5G era, which is an era of convergence.

He said consumers and markets are moving from 3G which was about connectivity, then came 4G which was about experiences like buying food, mutual funds etc from the phone and now 5G is about the convergence of different devices.

Muralikrishnan said aspirational Indians, who have money to spend, will spend on connected smart lifestyles. This is a multi-year goal. However, he said the Rs 10,000-25,000 smartphone segment will continue to be much bigger in terms of business than premium devices.

According to Cybermedia Research, Xiaomi led the smartphone market in the December 2023 quarter, while Samsung remained the market leader for the entire calendar year. Xiaomi has collaborated with German high-end camera company Leica for the Xiaomi 14 series.

Xiaomi Ultra Professional will come with a 50-megapixel quad-camera setup, 1.6 days of usage, a 5000mAh battery, 16GB system memory, and 512GB internal storage capacity and will go on mass sale from April 12. The sale of Xiaomi 14 will start from March 11.