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Micromax invests in cloud storage startup MiMedia

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…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

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