India’s Micromax participates in $15m Series C round of cloud startup MiMedia

Visual from Micromax website

New York-based consumer cloud startup MiMedia has raised $15 million in Series C round of funding from a consortium of investors including Micromax Informatics, India’s leading smartphone manufacturer, the company said on Thursday.

The other investors include some global family offices including Australia-based Thorney Investment Group, Whitebarn Associates and R&R Venture Partners.

This is the second investment by Micromax in the company. In August 2015, the handset maker had invested an undisclosed amount in MiMedia, which offers online backup and cloud storage services. Micromax had hit a debut investment in an international company with that deal.

Including this fresh round, MiMedia has raised a total of $35 million till date, according to the statement.

The company will use the new funding to accelerate growth and expand its team size.

“In an effort to organise our digital lives from anywhere, on any device, we have built the best in market personal cloud. With proceeds from this round, we will be adding new and exciting features that create even richer experiences as well as launch other global partnerships to broaden MiMedia’s reach to new audiences,” said Chris Giordano, CEO of MiMedia.

MiMedia is available on all devices smartphones, tablets, desktop, web and smart television and digital files can be shared from any operating system. It also has a private data sharing feature also called MiDrives where users can share personal media among invited family and friends.

Earlier, it raised $5.4 million funding in three rounds including one in 2013 and two in 2010.

Gurgaon-based Micromax is India’s second largest mobile handsets maker, was founded in 2008. The company sells its products in Nepal, Sri Lanka, Bangladesh and Russia, among its international markets.

On Thursday, it also announced an investment in media-tech startup ZAPR along with other investors.

Last year in October, the company invested in Gaana.com, a music broadcast and streaming service in India owned by the Times group-led Times Internet.

Also Read: What’s holding up Alibaba’s proposed $1b investment in Indian handsets maker Micromax?
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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.

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.