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Letv’s Le Mobile to get a USD 530 million funding


New Delhi: Letv has announced that its smartphone unit ‘Le Mobile’ has set a funding record in the industry, by completing its Series-A financing of USD 530 million, the biggest Series-A funding so far among Letv’s seven business ecosystems.

Founder Jia Yueting in a letter to his staff members highlighted its global expansion plans, that will carry on with its strategy of B-L-S (Beijing-LA-Silicon Valley) and build its ecosystem across new and existing geographies like United States, India and Hong Kong.

Jia Yueting also revealed information about the latest progress of the Super Car and a plan to introduce a new eco chauffeured car service in collaboration with, which he said will disrupt the current e-hailing market landscape.

Among Letv’s seven business ecosystems, Le Sports has achieved rapid development throughout the year and its recently-established Le Sports Venture Capital, in particular, stunned the industry. Jia Yueting disclosed in the internal letter that Le Sports will announce an even more stunning plan next month.

In the letter, Jia Yueting said, “The world needs is not a second Apple, but a company that can truly break the rules set by Apple, and that’s exactly the mission of the super phones as well as the starting point of Letv’s ecosystem strategy.” (ANI)

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