Xiaomi-Backed Ninebot Buys Iconic US Rival Segway for Undisclosed Sum

Xiaomi-Backed Ninebot Buys Iconic US Rival Segway for Undisclosed Sum
Chinese transportation robotics firm Ninebot said on Wednesday it had received $80 million (roughly Rs. 500 crores) in investment from fast-growing Chinese phone maker Xiaomi Inc and venture capital firm Sequoia Capital.

The firm has also bought a 100 percent stake in iconic U.S. rival Segway Inc for an undisclosed sum, Chief Executive Gao Lufeng told a news conference in Beijing.

© Thomson Reuters 2015

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Further reading: Ninebot, Segway, Xiaomi
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