wordpress blog stats
Connect with us

Hi, what are you looking for?

FIH Mobile invests in MoMagic for a 10% stake

momagic

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’.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ