Chinese handset maker Xiaomi took its first major steps outside of Asia after announcing the launch of its smartphones in Brazil, and vowed to expand further across Latin America.

Five year old Xiaomi, which was valued at $46 billion in its latest funding round, is thought of as the world’s most valuable start-up, and will sell its Redmi 2 device in the country from next week for approximately $160.

The company’s global VP and former Android executive Hugo Barra, who is charged with leading international expansion, reportedly announced the launch at a shopping mall in Sao Paulo.

barra“Brazil is the fourth largest smartphone market in the world,” he said (pictured). “It is a stepping stone into Latin America for us.”

In an interview with Reuters, Barra followed up by pointing to Mexico and Columbia for further expansion in the future.

Xiaomi sold over 60 million smartphones last year in Asia, and relies on word of mouth marketing on social media for online sales, helping it to keep costs low. It has so far veered away from traditional forms of marketing, and does not own any stores.

Its unique internet distribution methods has made it the fifth largest smartphone brand in the world, and the company also launched in India earlier this year.

According to analysts, the company’s recent expansion represents its focus on developing in emerging markets that have big internet populations capable of generating large volume growth.

Given Brazil’s high import duties, Xiaomi is already working with equipment maker Foxconn to assemble the phones locally. Foxconn worked with Apple in the country since 2011.

Brazil is also renowned for its high smartphone prices globally, where an unlocked iPhone can retail at over $1000. Barra added that Xiaomi will look to dramatically undercut its rivals in the country, ahead of the launch.

“We offer high quality product at incredibly aggressive prices, so we’re starting with larger developing markets where people are very price sensitive,” he told Reuters.

In keeping with its rapid international expansion strategy, Xiaomi also appointed private equity investor Shou Zi Chew as its new CFO. Chew, who is a partner at DST Investment Management, first helped the company with early investment in 2011.

DST was one of the financial groups which helped Xiaomi reach its $46 billion valuation last year, and Chew is renowned for recognising the company’s potential and value when it first came to market.