Indian handset manufacturer Micromax has made an undisclosed strategic investment in an international startup called MiMedia which offers online backup and cloud storage services, reports ET. Through its services, MiMedia Beta lets users store photos, videos, music and files to the cloud via the web, iOS and Android, offering 10GB of free storage.
MiMedia has raised $5.4 million in funding across 3 rounds so far (two in 2010 and 1 in 2013), not including the Micromax investment.
Ixigo investment: In June, Micromax made an undisclosed investment in online travel meta search engine and marketplace Ixigo. Following this investment, the two companies would work towards building on-demand and one-click travel experiences that would be integrated into Micromax devices.
Analytics company investment: In February, Micromax had invested in a local analytics company for a ‘significant minority stake’, without revealing the name of the company, the amount invested or other terms of the deal. However, it did mention that it was looking for more startups to invest in, and would provide between $0.5 million and $20 million to startups in exchange for 5% to 26% of the stake.
Micromax is push towards setting up a services business, in a bid to explore alternate revenue streams. The company first announced its plans of foraying into the services business in September last year. It was apparently looking to tap into areas like education, health and security, through partnerships. However, Micromax CEO Vineet Taneja had said at the time that no developments in this regard were likely to materialize over the next 2-3 quarters.
In May, Micromax had tied up with Mumbai-based MoFirst Solutions to offer translation and transliteration services with messaging on its phones and also provide access to about 10,000 local language apps available on MoFirst’s App Bazaar. It’ll be interesting to see if Micromax eventually starts offering its customers a Play Store equivalent for its Cyanogen phones.
In March last year, it had also inked a strategic partnership with chipset maker MediaTek and telco Aircel to launch bundled device offers for Mediatek powered Micromax products, including smartphones, tablets, features phones and 3G dongles.
In February, Micromax roped in Ashish Agrawal as its chief technology officer where he would be responsible for the company’s technology initiatives and formulating its software service. Prior to his appointment with Micromax, Agrawal worked with as CTO with cloud services provider Sirqul and before that he worked with Internet giant Amazon primarily in the digital payments space and developing web services for game developers.
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