Xiaomi’s Chief Business Head Raghu Reddy resigns amidst strictness in India

One of the top executives of Xiaomi, one of the biggest smartphone companies, has resigned. The company is facing intense regulatory scrutiny and pressure from competition in India. The authorities have also stopped the export of about 27,000 smartphones of another Chinese smartphone company Vivo from India.

Raghu Reddy, Chief Business Officer of the company’s India unit, which helped Xiaomi grow its share of the smartphone and smart television markets in India, has resigned. company Said, “Raghu was an important part of our leadership team in India.” A message sent to Reddy seeking information remained unanswered. Reddy, who previously headed Xiaomi’s online sales division, was instrumental in making the company successful on e-commerce websites. Earlier, he has also worked with Japan’s Softbank-invested e-commerce company Snapdeal. He is currently on notice period in Xiaomi.

The company’s revenue had decreased by about 10 percent in the last quarter. The company’s sales have been affected by the slowdown in the global smartphone market and declining demand in China. Sales of its mobile devices have decreased by about 11 percent. During July-September, the company’s sales stood at 70.5 billion yuan (about Rs 80,900 crore).

However, the company’s Sales Although slightly higher than expected, the company’s net loss of about 1.5 billion yuan is surprising. Xiaomi has written down about 3 billion yuan in items such as loss on investments, and this has resulted in a net loss in its results. Due to the zero covid policy in China, the difficulties of tech companies have increased. This has hindered the supply chain. Apart from this, the demand for electronics is decreasing due to increasing inflation and decreasing economic growth. Xiaomi has succeeded in increasing the market share in Europe. The company’s unit in India has been accused of providing false information to its banker Deutsche Bank over the years. The company had claimed that it had an agreement for payment of royalty, whereas there was nothing like that. Probe against the company has found that it had ‘illegally’ remitted money under the ‘head’ of royalty to US chip maker Qualcomm and others.

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