Xiaomi has secured second rank in the global wearables market both in terms of shipments and market share, according to an IDC report.
The Chinese brand, which is preceded by Fitbit at the top spot, has taken just over a year to get to the second spot.
The Mi band priced at Rs 999 hit the market in China in August 2014 before expanding to Indonesia, Malaysia, Singapore, Hong Kong, China and finally India in April 2015.
Xiaomi had partnered with Huami Technologies - another startup - to bring the Mi band to the market.
According to the report, Fitbit maintained the top spot as it released three new devices - the Charge, Charge HR and the Surge - in the first quarter of 2015 and the continued demand for its older Flex wristband, One and Zip clip-on models.
The report placed Garmin at the third spot followed by Samsung and Jawbone. As per the report, Jawbone beat Pebble and Sony for fifth place with the launch of two new devices. The company will release the devices in the second quarter of 2015.
The report also anticipated the effects of Apple's watch entry as Ramon Llamas, the wearables research manager, said: "What remains to be seen is how Apple's arrival will change the landscape."
"The Apple watch will likely become the device that other wearables will be measured against, fairly or not. This will force the competition to up their game in order to stay on top", he added.