Xiaomi readies for fund infusion

Xiaomi Corp is in talks for a funding round that values the smartphone maker at about $40 billion to $50 billion, people familiar with the matter said.

The discussions are at an early stage and nothing is finalized, said the people, who asked not to be identified because the matter is private. The world's third-biggest smartphone maker had a financing round in August 2013 that valued the company at $10 billion.

Founder and Chief Executive Officer Lei Jun has pushed Xiaomi, which sells directly to consumers and only released its first smartphone in 2011, into new markets from Singapore to India. The international expansion, combined with surging sales of its Mi 4 smartphone and low-cost Redmi model, have vaulted the company into the ranks of the world's top vendors.