India: Taiwan’s Foxconn picks 10% stake in mobile Internet firm MoMagic Technologies

Visual from MoMagic website

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.

“We also believe MoMagic’s inherent edge in the mobile Internet market can play a key role in the Digital India and Make in India initiatives,” Gupta added.

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.

Also Read: Asus partners Taiwan’s Foxconn to manufacture smartphones in India

Taiwanese electronics maker Foxconn to invest $70m in refurbished goods seller Greendust

Taiwan’s Foxconn to invest $1b in Indian startups: Report

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.