Indian probe impacts Xiaomi revenue drops 40%

India has launched an investigation into the Chinese company Xiaomi due to alleged violations in its business model and its compliance with foreign investment laws, following a recommendation from the Serious Fraud Investigation Office. The probe includes examining the flow of funds and whether the company obtained the necessary investment approvals. This comes amid a decline in Xiaomi’s market share to 13% and revenues amounting to $2.52 billion, a 40% decrease over the past three years. Additionally, its banking assets have been frozen since 2022, and the company is being legally pursued. This move is part of stricter regulatory measures on Chinese investments in India and presents a challenge that could impact the company's reputation in the Indian market.

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