Smartphone maker sets world record (It's not Apple)

Customers look at Xiaomi Corp. products at the company's showroom in Beijing, China
Brent Lewin | Bloomberg | Getty Images

As Samsung and Apple battle for the limelight this week, Xiaomi has quietly stolen the show.

The Chinese low-cost smartphone manufacturer announced on Thursday that it had set a Guinness World Record for selling the most mobile phones on a single online platform in a 24-hour period.

Xiaomi sold 2.11 million handsets in a 12-hour online sale held on Wednesday – dubbed the 'Mi Fan Festival' – racking up a total of $2.08 billion yuan ($335 million) in sales revenue.

The Mi Fan Festival is an annual sales promotion event held around the company's birthday. A total of 1.3 million phones were sold at least year's event.

Xiaomi a Samsung strangler?

Entering the Guinness Book of World Records is the latest in a series of milestones for the 5-year-old company.

Disruptive force

Late last year, Xiaomi, living up its to repute as a "disruptive force", leapfrogged Lenovo and LG to become the world's third largest smartphone maker in terms of shipments behind Samsung and Apple, according to IDC.

Read MoreXiaomi sales: Too fast, too soon?

The company sold over 61 million smartphones in 2014, up from 18.7 million in 2013, and expects to sell 100 million handsets this year, according to media reports.

Watching its meteoric rise, investors have been flocking to put money into Xiaomi. It raised more than $1 billion in the latest round of funding in December, giving the company a $45 billion valuation – bigger than Uber, Netflix and Twitter.

Xiaomi's success has been driven by the Chinese market where it sells over 90 percent of its smartphones and is the number one player.

However, the company has been actively working on expanding its foothold outside of its home market, launching in key emerging markets including India and Indonesia in the past year.

-- CNBC's Arjun Kharpal contributed to this report