Xiaomi follows Alibaba and Tencent with internet finance services in India

Xiaomi Corp has launched a personal loan service in India aimed at young professionals and millennials, as the Chinese smartphone vendor looks to consolidate its presence in the country's fast-growing internet finance market.

Xiaomi's move comes after Chinese tech peers like Alibaba Group Holding Ltd and Tencent Holdings Ltd have already established a beachhead in the India internet finance sector via investments.

It is also the latest push by Xiaomi, which has been the top smartphone vendor in India for nine consecutive quarters, to leverage its sizable local user base to offer more internet services.