MoMagic has raised an undisclosed amount of funds from FIH Mobile Limited, a subsidiary of Foxconn, in exchange for 10% stake, reports the Indian Express. According to FIH, this investment will help it strengthen its business presence in India. The investment was made by FIH’s subsidiary, Wonderful Stars.
MoMagic currently operates in 5 countries; India, China and Bangladesh where it has offices and in Indonesia and Sri Lanka where it has just begun operations. It currently works with OEMs, retailers and through over the air updates (OTA) for advertising and publishing content. It claims to have worked on over 200 million handsets in the last 55 months. The company mentions that it is looking to expand to Africa and acquire 12 million new users in 2016 through offline channels.
FIH Mobile is a manufacturing services provider for computer, communication and consumer electronics industries. We presume that with this tie up, FIH can manufacture smartphones for companies, while MoMagic should be able to help integrate factory installed apps. FIH helps with product design and development, manufacturing and assembly as well as repairs and refurbishing. It currently has an office in Chennai in India.
MediaTek tie up: In 2012, MoMagic partnered with Disney’s Indiagames to develop games based on MediaTek’s MRE (Maui Runtime Environment) platform. This was a month after MoMagic had announced that it had developed an app store for MediaTek’s MRE platform, although there was no information as to when the store will go live. Prior to this, Mediatek had made an undisclosed investment in MoMagic in August 2011. Its also worth noting that MoMagic CEO Arun Gupta was previously a Director at MediaTek’s India operations, and was essentially heading its India business.
In 2012, MoMagic launched a Control Me app, that let users remotely control their Android phones. It had also inked a joint venture with Symphony Mobile, a Bangladesh-based mobile handset brand, to enter the Bangladeshi VAS market and set up a new entity called ‘MoMagic Bangladesh’.