Foxconn subsidiary FIH Mobile Limited has acquired a 10 per cent stake in mobile Internet market company MoMagic which had earlier got investment from silicon major MediaTek.
The investment is expected to “further strengthen FIH’s business presence in India as part of the two companies’ shared goal of tapping significant business opportunities in the world’s fastest-growing mobile internet and smartphone market”. The investment — made by FIH’s subsidiary, Wonderful Stars Pte. Ltd — also underscores FIH’s commitment to collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities, a release said.
MoMagic, works across all the widely used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and ecommerce players.
Charles Pan, Special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd., said the investment is in line with their goal of strengthening FIH’s ability to tap the huge potential of the country’s emerging mobile Internet and fast-growing smartphone markets. “MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support FIH in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market.”
Grant Kuo, Managing Director of Indian operation, MediaTek Inc. Taiwan, said MoMagic was one of the very early companies in which MediaTek invested and continues to be a stakeholder. “The company has seen exponential growth in the last two years and is standing on strong business fundamentals and values. MoMagic today has emerged as one of the key players of the Mobile Internet market. With the FIHinvestment, we see MoMagic advancing its technological and business edge and expanding as a market leader.”
Arun Gupta, CEO and Founder MoMagic Technologies, said, “MoMagic’s growth has been based on strong business foundations and with FIH’s investment, those fundamentals are further strengthened. We see FIH’s investment as a catalyst for achievement of our business vision and aggressive expansion plans, and our goal to be amongst the key players in the growing smartphone and mobile Internet market.”