Chinese phone manufacturer Xiaomi has secured a $1bn loan to fund its global expansion programme and increase its retail presence.

The loan was raised by Xiaomi’s subsidiary Xiaomi HK from a syndicate of 18 banks across Asia, Europe and the Middle East.

Xiaomi founder, chairman and CEO Lei Jun said: “The syndicated loan will further boost its efforts to develop these areas.”

In addition to the globalisation of its operations, the funding will enable the company to embark on a ‘new retail’ concept, which focuses on the integration of both online and offline retail channels.

“The syndicated loan will further boost its efforts to develop these areas.”

In 2014, Xiaomi obtained a three-year $1bn syndicated loan.

Having launched its products online in partnership with Indian e-commerce company Flipkart in 2014, Xiaomi started selling its items directly through third-party brick-and-mortar stores.

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In May, the company launched its first Mi Home physical retail store in Bengaluru, with plans to expand to 100 stores across the country in two years.

The company operates 149 Mi Home stores in China and is planning to expand its footprint by opening 1,000 stores over the next three years.

Founded in 2010, Xiaomi operates in more than 30 countries.

The banks that agreed to extend the loan as part of the current agreement include Deutsche Bank, Morgan Stanley, Bank of China (Hong Kong), and Wing Lung Bank.