A new report claims that Xiaomi is raising over $1 billion in a new funding round that could be finalized as early as Monday. The latest influx is supposedly led by All-Stars Investment, run by former Morgan Stanley analyst Richard Ji.

The Wall Street Journal, via unnamed sources, claims, "Other participants in the round include Russian investment firm DST Global and Singapore sovereign-wealth fund GIC, which are both already shareholders of Xiaomi." China-based Xiaomi has seen its sales of Android smartphones and tablets surge since it launched in 2010. A few days ago, the research firm Gartner said that Xiaomi is now the world's fourth largest seller of smartphones, behind Samsung, Apple, and Huawei.

Source: Wall Street Journal