Xiaomi's Global VP Manu Kumar Jain quits company

Manu Kumar Jain on Monday took to Twitter to announce his exit from Xiaomi, a Chinese smartphone company, after nine years of association. He was the Global Vice President for Xiaomi Group.

Announcing his exit from the company, he captioned his tweet, "Change is the only constant in life! Last 9 years, I’m lucky to have received so much love that it makes this goodbye so difficult. Thank you all."

Jain also indicated his next move as he said, “The end of a journey also marks the beginning of a new one, full of exciting opportunities. Hello to a new adventure!" But in his note, he also mentioned that he will be taking some time off.

The former Jabong co-founder joined Xiaomi India in 2013. He moved on to become the smartphone company's global VP in 2021, at a time when the Chinese firm maker was under the government of India's scanner. The Enforcement Directorate has been investigating Jain and Xiaomi for alleged violation of foreign exchange rules.

The ED passed an order on April 29, 2022 for the seizure of bank accounts of Xiaomi Technology India on the grounds that royalty payments to the tune of over Rs 5,500 crore to foreign accounts made by the firm since 2016 were in violation of the Foreign Exchange Management Act (FEMA), 1999.

Jain's exit comes a month after Xiaomi India's Chief Business Officer Raghu Reddy quit the company to pursue new opportunities.

In October last year, Xiaomi Corp discontinued its financial services business in India, less than three years after its launch. The company removed the Mi Pay and Mi Credit apps from the local Play Store and its own app store in the country. Mi Pay, which allowed users to conduct transactions on the country's UPI payments network, has also been removed from the NPCI's list of approved UPI apps.