Lei Jun, founder and CEO of China's mobile company Xiaomi, shows new features at launch ceremony of Xiaomi Phone 4 in Beijing
Lei Jun, founder and CEO of China's mobile company Xiaomi, shows the new features at a launch ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. China's Xiaomi unveiled on Tuesday its new flagship Mi 4 smartphone, aimed squarely at the premium handset market dominated by Apple Inc and Samsung Electronics Co Ltd. REUTERS

Xiaomi has undeniably been working up its way on becoming a powerhouse. Recent sales report of the company shows how much of a force it is to be reckoned with clocking in $163 million in 12 hours with no signs of stopping. Is Xiaomi truly on its way to defeat both Samsung and Apple?

Singles Day in China was not only a big event for Alibaba but also for tech giant Xiaomi. Previously just a potential contender in the smartphone market, the company has been successful in solidifying its mark. Considered as the rising star of the mobile world, Xiaomi sold around 720,000 units in 12 hours during Singles Day. At the forefront of it all, Hugo Barra (former Googler) has taken on the international expansion challenge for Xiaomi. The executive also released on Google Plus some impressive stats:

  • ¥100 million (US$16 million) in 4m 48s
  • ¥550 million (US$90 million) in 4 hours (last year's full day sales)
  • ¥1 billion (US$163 million) in 12 hours
  • 720,000 Mi phones sold in 12 hours

According to Android Authority, the recent figures of the company shows the immense Chinese market potential including Xiaomi's effective approach in tackling it. Analysts believe that if the company can target other country markets in the same way as China then it can be a formidable opponent to big names like Apple and Samsung.

It does not seem to stop there. According to Seeking Alpha, the company is now on "steroids" after securing a new funding amounting to $1.5 billion. The funding may be smaller than anticipated but this offers Xiaomi a strong valuation. Its ventures like iQiyi and Youku Tudou may appear like small ventures but they offer a good, smart and quick way to create a product ecosystem.

The fund raising strategy was reported previously although it has only been recently that an exact amount of money surfaced. Among its investors include Digital Sky Technologies best known for holding a stake in China's tech companies. Reports only noted that the new funding can propel the value of Xiaomi at $40 billion. The expanding venture can mean more opportunities for the company although analysts remain mixed about the company's future especially with talks about its eventual IPO and future acquisitions.