Xiaomi has reportedly raised more than $1 billion in its latest round of funding, which brings the valuation of China’s biggest smartphone maker to more than $45 billion, The Wall Street Journal reports.
The funding round — led by All-Stars Investment, a fund run by former Morgan Stanley analyst Richard Ji — is expected to close as early as Monday.
At $45 billion, Xiaomi would be more valuable than most other Silicon Valley technology startups, including Uber, which just closed a funding round that values the ridesharing startup at $41 billion.
Xiaomi has made a name for itself in emerging markets thanks to its phones that are highly similar to Apple’s high-end devices, but sold at extremely low prices. The company shipped 18 million handsets in the last quarter — a whopping year-over-year growth of 239% during that period. It’s currently the fourth-biggest smartphone maker in the world, and the biggest in China.