Xiaomi Inc., the Chinese smartphone maker that parlayed rabidly loyal fans and a web-focused selling strategy into a leading position among global handset makers, has announced an investment from one of India’s leading industrialists.

Ratan Tata, former chairman of the Tata Group, a conglomerate that booked $103 billion in sales in its last fiscal year, has taken a stake in Xiaomi, the Chinese company announced Sunday via its Facebook page. The company did not disclose how big a stake Tata is taking or what he paid for it. It represents the first investment in Xiaomi by anyone from India, Xiaomi says.

“Mr. Tata is one of the most well-respected business leaders in the world,” says Lei Jun, founder and CEO of Xiaomi, “An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”

Xiaomi also announced last week the release in India of its new Mi4 smartphone.

Xiaomi, No. 3 in the Internet Retailer China 500, initially only sold its phones via the web in China, and online sales still account for 70% of its revenue, the company says. Founded in 2010 with a goal of selling high-quality smartphones at prices far below those of competitors like Apple Inc.’s iPhone, Xiaomi is now the No. 1 smartphone maker in China and No. 3 in the world, according to research firm IDC.

The company does not yet sell its smartphones in the United States, but Xiaomi announced in February plans for an e-commerce site that would sell accessories.

Xiaomi’s meteoric growth and huge online sales led to it being selected as a finalist for the Global E-Retailer of the Year award by judges for the Internet Retailer Excellence Awards. The other finalists are ASOS plc of the United Kingdom and Italy’s Yoox group. The awards will be presented at a banquet in Chicago on June 3 that coincides with IRCE 2015, North America’s largest e-commerce conference and trade show.