Noida-based mobile internet player MoMagic Technologies– which counts Foxconn and MediaTek as its investors – is looking to expand its footprint in southeast Asia, the company’s top executive told DEALSTREETASIA.
“We are now expanding into Myanmar, Singapore, Taiwan, Philippines, Vietnam and Thailand,” MoMagic’s founder and CEO Arun Gupta said in a chat. MoMagic currently has operations in Bangladesh, Nepal, Sri Lanka, Indonesia, India and parts of China.
Wu joined MoMagic two weeks back as chief strategy officer (CSO) and will be based in India and Taiwan, while covering other countries in South East Asia.
“These countries are little bit ahead of Indian market, so we need somebody who understands these markets better than us. For us, it is easier to get into Bangladesh but we need somebody like Jason Wu who can help us to expand into other SEA markets,” said Gupta.
For running the business in these markets, MoMagic is also forming a subsidiary in Singapore which is expected to be launched in a month. The company, which has a 40-member team in India, is looking to add more people. In the next one-and-a-half years, it will be adding around 15 people in Taiwan and around 35-40 more in India in the business and technology functions besides sales professionals.
MoMagic was also planning to launch its operations in Africa last year but it decided to shelve the plan. “That was a strategy we had earlier. We wanted to use our Indian knowledge to get into the other countries and Africa was one of the market that time to think of,” commented Gupta. He added, “we decided to enter into the markets first which are ahead of us. Although, Africa is still in our pipeline, but priority is go to SEA market which is ahead of Africa.”
In 2015, Taiwan’s Foxconn Group, through its subsidiary FIH Mobile Ltd (FIH), invested an undisclosed amount for a 10 per cent stake in MoMagic.
On further fundraising plans, Gupta said, “We are in initial talks to raise funding at a strategic level which can help us to grow the business adding that we are more interested to invest in ad-tech companies, that is on our radar right now.”
MoMagic has already invested in mChamp, a celebrity and entertainment driven contest app, and education services startup EduAce Services Pvt Ltd. This year, it plans to back 2-3 more companies in this space.
In February, the company launched mobile advertising analytics platform AdGyde in partnership with Spice Digital. Last year, MoMagic started an e-commerce venture with Pickaboo in Bangladesh. The company had entered into the Bangladesh market in 2012 through a joint venture with Symphony.