Taiwan’s Foxconn Group, through its subsidiary FIH Mobile Ltd (FIH), has invested an undisclosed amount for a 10% stake in Noida-based mobile Internet company MoMagic Technologies, according to a statement.
MediaTek-backed MoMagic will use the stake sale proceeds to further tap India’s fast-growing mobile Internet and smartphones market.
The investment also underscores FIH’s commitment to actively collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities. FIH has invested in MoMagic through it subsidiary Wonderful Stars Pte. Ltd, the statement added.
“We see FIH’s investment as a catalyst for achievement of our business vision and aggressive expansion plans, and our goal to be amongst the key players in the growing smartphone and mobile Internet market,” said Arun Gupta, CEO and founder of MoMagic Technologies.
MoMagic works across all the widely used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and ecommerce players as well as better reach and service to customers. Set up in the year 2011, MoMagic presently operates across five markets in South East Asia.
“MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support FIH in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market,” said Charles Pan, special assistant to chairman and chief investment director of FIH.
FIH is a vertically integrated manufacturing services provider for handset industry worldwide. It provides a range of manufacturing services to its customers in connection with the production of handsets.