Xiaomi just sold $335 million worth of products in less than 12 hours

To say that Xiaomi is growing fast would be a gross understatement. The burgeoning Chinese startup has already managed to sell 100 million smartphones in its five years in existence, but now the company has taken speed to whole other level. During a twelve hour-long period at its recent Mi Fan Festival, Xiaomi managed to sell more than two million smartphones and thousands of other gadgets which brought in around $335 million for the company. 

Fast-growing Chinese phone maker Xiaomi said Wednesday that it broke its own flash-sale record, selling more than two million phones in a 12-hour period as part of a “Mi Fan Festival.” The effort, to celebrate the company’s fifth anniversary, generated roughly $335 million in revenue. In addition to the phones, Xiaomi said it sold 38,000 televisions, 200,000 fitness bands and 247,000 power strips — a sign the company is gaining traction in efforts to expand beyond its core business. The company is now testing services, including a mobile wallet. The company was selling in more markets this year, with Malaysia, India and Indonesia all additions from last year’s event. For all of last year, Xiaomi sold 61 million smartphones and had revenue of 74.3 billion RMB ($11.98 billion), becoming the No. 3 smartphone player in the world and top brand in China.