Xiaomi has quickly become the world’s third largest smartphone supplier, thanks to its cheap Apple-esques devices, and all that copying is about to pay off big time. CNBC reports that the Chinese startup is raising $1.5 billion in capitol, the largest private financing deal of since Facebook in 2011.
Negotiations haven’t been finalized, but investors include Russian Internet company DST – which backed Facebook, Airbnb, and Alibaba – with a valuation expected to top $40 billion.