Xiaomi is the fastest growing smartphone brand globally, a report by the International Data Corporation said. Xiaomi reported a 58.9 percent year-on-year growth.

The Chinese company's grew 25 percent on a quarterly basis in the second quarter.

Samsung and Apple have retained their top positions holding onto their market share of 23.3 percent and 12 percent respectively, a report revealed.

Huawei came on at third in the list followed by Oppo and Xiaomi.

While the above smartphone makers continue to retain top positions, other companies like Oppo and Xiaomi have shown steady growth to acquire market share, the report said.

Earlier this month, the Xiaomi claimed that it had shipped more than 10 million smartphones globally in September.

In India, the company claimed to have sold over 25 million smartphones since the launch of its first phone, Mi3, in 2014.

Xiaomi's CEO Lei Jun, said on a social media platform that increasing demand has slowed down supply for some models.

In India, Xiaomi plans to replicate its Chinese model to become an internet company over the long-term. The company plans to monetise services such as entertainment and finance, a source-based report in the Economic Times said.

In the short-term, it wants to strengthen the handset business in the region.

“We’re much more than a smartphone brand. Our hardware business is important, as it helps us acquire large number of internet users for our internet platforms like MIUI, Mi finance, Mi entertainment,” Manu Jain, managing director of the company said.

For India, Jain said, it is evaluating a model for an internet company and when to launch it. The company will focus on three criteria - market maturity, life cycle of the company in a region and team capability - for the same.

Xiaomi has also set its eyes on the premium handset market which has players like Apple and Samsung. Earlier this week, it launched its premium offering Mi MIX 2 in India for Rs 35,999, the most expensive phone it sells in the country.