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A four-year-old Chinese company has become the world's third-largest smartphone maker, behind Samsung and Apple. The company is called Xiaomi Inc. It has also become the world's most tech start-up and is valuable than Uber, Dropbox, Pinterest and Snapchat. The Beijing- company just raised $1.1 billion in and is now $45 billion. That makes it worth more than tech LG, Motorola and Sony put together. Xiaomi is also the world's fastest-growing smartphone . Its sales increased by 211 per cent in 2014. Its market has also increased from 2 per cent to 5 per cent over the past year and it looks like that will increase .

Xiaomi has a business model. It sells its phones for around what they cost to make. Profits come from and software. It also makes its follow the company. Many Xiaomi users in China are very fans of the company. The company uses campaigns that give fans the to win prizes. This makes the company very . Bin Lin, Xiaomi co-founder and president, said: "We will strive to continue bringing to everyone, with a goal of producing high-quality, high-performance devices with great user ." However, not everyone is a fan of Xiaomi. Apple's chief designer Jonathan Ive said Xiaomi stole the of its phone and many ideas from Apple.

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