Chinese mapping and navigation software provider Careland is set to be the latest beneficiary in a string of investments by Chinese smartphone maker Xiaomi.
Smartphone maker Xiaomi plans to acquire a $13.7m stake in China-based GPS navigation software company Careland, it said in a statement on Thursday.
Careland will sell 7 million shares at RMB 12.00 ($1.96) per share. Xiaomi subsidiary Tianjin Jinxing Investment will acquire 4.67 million shares, and Tianjin Shunmi Investment, another Xiaomi subsidiary, will purchase the remaining 2.33 million shares.
The funding will allow Careland to further develop its GPS technology and expand its mobile internet business. Venture capital firm SAIF…
