By Jonathan Davies

Chinese smartphone manufacturer Xiaomi has reported revenues of 74.3bn yuan (£7.8bn; $11.97bn) in 2014, up 135% from last year, a week after being named the world's most valuable tech start-up.

Xiaomi, now the world's third largest smartphone maker behind Samsung and Apple, sold more than 61 million smartphones in 2014 - a 227% rise on 2013. It also announced plans to launch a new flagship device in January.

Last week, the smartphone manufacturer received funding worth $1.1bn, which valued it at $45bn. It meant Xiaomi overtook Uber, which had been valued at $40bn, as the most valuable tech start-up.

In a translation of a blog post, chief executive Lei Jun's said: "2014 is a year of important milestones for Xiaomi. We came from behind and became market leader in China."

"We have successfully entered seven markets outside mainland China," he added.

"In India, we sold over 1 million smartphones in less than five months."

Join us on
Follow @freshbusiness