Tear down photos and videos of the Xiaomi Redmi 3 can be found online if you want to see what makes the thing tick. The price is pretty affordable being only $106USD or 699 Yuan in China. Getting an affordable smartphone with a Qualcomm SoC is usually not very easy, but it looks like Xiaomi wanted to get away from MediaTek processors.
Besides the Xiaomi Redmi 3, it looks like there will be a Xiaomi Redmi Note 3 that comes with a hexa-core processor with a huge, 5.5-inch touch screen display and a 178 degree viewing angle. Smartphone companies learned a few years ago that it can release a couple of versions of a smartphone each year and they will all sell well.
The Xiaomi Redmi 3 is one smartphone that goes on the entry level list and is being targeted towards developing countries that might have just first been privilaged to get cellular access and Wi-Fi to go along with it.