Xiaomi's International Vice President Hugo Barra, a former Google Inc executive who joined last year, speaks with the media during the launch of Mi phones in New Delhi in this file photo. REUTERS

BEIJING: China’s top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Dow Jones Newswires, citing a person familiar with the issue, said the latest round of funding could close as soon as Monday.

It was being led by tech investment fund All-Stars Investment and also involved were current shareholders Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, the report said.

Private-equity firm Yunfeng Capital which is affiliated with Alibaba Group Holding Ltd. chair Jack Ma, was also taking part.

Established only four years ago, Xiaomi was valued at $10 billion in a previous round of funding in August 2013.

A company spokesman declined to comment, the report said.

Mainland China is the world’s largest smartphone market, and Xiaomi’s cheap, feature-packed handsets ousted Samsung as the top seller there in the second quarter. -AFP