Xiaomi, world’s third largest smartphone markers has fished in $1.1 billion in its coffer in the latest round of fund-raising which has the company valued at $45 billion, Lei Jun CEO of Xiaomi, said in a post on Weibo, China’s Twitter-like Microblogging site.

Xiaomi, has claimed the No.1 position in China’s smartphone market, which happens to be the largest in the world is now considered worth more than companies like Sony or Nokia and almost as much as Yahoo’s current market value

Xiaomi, established in 2010, has outstripped both Samsung and Apple in China by offering low-priced, high on quality smartphones through smart internet campaigns that attracts China’s ever expanding young and rich shoppers. Around 500 million smartphones are expected to be sold in China in 2015, more than three times the same number that will be sold in the United States, as per the research firm IDC.

Xiaomi’s most recent fund-raising round incorporates capital from All-Stars Investment, Mr. Lei said in his post, a venture fund run by Richard Ji, a previous Morgan Stanley analyst.

Xiaomi Valued Around $45 Billion

Its other investors include GIC, Singapore’s sovereign venture company; DST Global, a fund run by the Russian tycoon Yuri Milner and an early investor in Facebook; Hopu Investment Management, one of the China’s greatest private equity groups; and Yunfeng Capital, a Chinese private value organization set up by Jack Ma, the CEO of the Alibaba Group, the Chinese e-trade goliath.

In China, Xiaomi has been compared with Apple and not generally in a complimenting manner. It has been accused by critics as well as some loyal customers of replicating Apple, from the design of its smartphones to its smooth showcasing events for new items.

However, smartphone maker’s rapid growth, aggressive pricing and inventive promotions have evoked genuine emotion with Chinese purchasers. The organization trusts this methodology will decipher into achievement in overseas markets. Xiaomi’s co-founders, who include former Google executive Lin Bin, are considering expansion into emerging markets such as Brazil and India.

However, Xiaomi doesn’t have a patent portfolio, which was one of the core reasons behind it getting temporarily blocked in India due to a patent complaint filed by Ericsson recently. In addition, domestic rivals too are making it difficult for the company to rise up. Competitors like Huawei and ZTE are also adopting Xiaomi’s approach by offering high-quality smartphones at modest prices on the web.

Xiaomi, a privately-held organization, doesn’t divulge its financial performance. Pit’s previous fund-raising rounds valued the smartphone makers at $4 billion and $10 billion in June 2012 and Summer of 2013 respectively.

However, the $45 billion valuation of Xiaomi is going to raise investors’ expectations for a IPO.