The device which comes with 16 GB is priced at Rs 19,400, while the 64 GB model will be priced at Rs 24,200. The company has also announced to release its 4G-enabled version of Mi 4 in September.

Xiaomi confirmed the launch via their Twitter as well as Facebook posts which said "#Mi4 - Introducing our latest product, the Mi 4 - The Fastest Mi Phone Ever."

The Mi 4 is powered with a Qualcomm Inc Snapdragon 801 2.5 GHz processor and 5-inch 1080p screen along with JDI OGS full lamination display.

The smartphone features a 13-megapixel rear camera and an eight megapixel front shooter. Both the cameras will sport Sony's stacked CMOS sensors. The device is backed by a 3080mAh Li-ion battery.

Xiaomi also declared its next MIUI version, MIUI 6, will launch on August 16. Xiaomi chose to launch Mi 4 on the day its flagship Mi3 is launched in the Indian market. Mi 3 is exclusively available on Flipkart. Xiomi claims of receiving 100,000 registrations for Mi 3 ahead of its release.