JOIN USXiaomi Global Vice President Manu Jain quits
In a sudden turn of events, Manu Kumar Jain has announced his exit from the Xiaomi Group.
Though Manu Jain co-founded the Jabbong e-commerce platform in 2013, he was more popular for being the face of the Xiaomi smartphone company in India.
Jain along with Google's former VP Hugo Barra started Xiaomi India's journey in 2014 in Bengaluru. The company's Redmi phones were feature-rich and cost less than rival brands, and in a combination with strategic use of social media platforms and flash sales, the company managed to top the smartphone business in India within three years. Even today, Xiaomi continues to lead the market, not just in phones, but also in smart TVs too.
With continued success, IIT Delhi alumni Manu Jain was promoted to vice president (global) and also Managing Director (India). In addition to phones and smart TV, Xiaomi has expanded to other verticals of the consumer electronics segment including speakers, power banks, earphones, smart wearables bands, and watches.
In the last few years, Xiaomi has increased phone, smart TV production at its partner supply plants in Andra Pradesh and North India. And now, 100 per cent of the phones, smart TVs, and a significant percentage of accessories are assembled in India.
However, the trouble started in Xiaomi India in 2022, when Enforcement Directorate and Income Tax authorities began scrutinising the company's alleged illegal financial transactions.
In September last year, Foreign Exchange Management Act (FEMA) approved ED's order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi.
There were reports of ED threatening Xiaomi India's senior executive officials to turn as approvers for ED's charge against the company. However, the latter has denied any such actions against Xiaomi officials.
Jain left India and moved to Dubai to manage the company's international operations and in a rare appearance after a long time, Jain turned up at Xiaomi India's 2023 January event in New Delhi, which saw the launch of the new Redmi Note 12 series phones.
Now, Jain after nine years of service has announced his resignation from Xiaomi Group. In the social media post, Jain said he will be taking a time off for a few months and has hinted, he may start a new project of his own.
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