The company launched
In a statement to IANS,
“We closed the Mi Financial Services in March 2022. In a short span of four years, we have been able to connect and support thousands of customers. We are working with our partners and supporting our consumers throughout this process,” said the company spokesperson.
Xiaomi India said it will continue to bring the latest technology and innovation to everyone with “our products and services in the future”.
Initially launched in May 2018 and then relaunched on December 3 in 2019, Mi Credit was an online curated lending marketplace to offer personal loans to Mi fans.
According to the company, it has disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the trial phase which ran until November 2019.
It later disclosed that more than Rs 125 crore in loans had been disbursed through its digital lending solution in India until December 2019.
The company led the Indian smartphone market in the third quarter of this year. According to a report from market research firm Canalys, Xiaomi held the top spot with 9.2 million units as the brand gained momentum from online sales in July ahead of the festival season.
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