FIH Mobile Ltd, a subsidiary of Foxconn Technology Group, has picked up 10 per cent stake in Noida-based MoMagic Technologies.
The investment will allow FIH to extend its presence in India. The investment was made by FIH’s subsidiary Wonderful Stars Pte. Ltd.
“Our investment in MoMagic Technologies is in line with our Group’s goal of strengthening FIH’s ability to tap the huge potential of the country’s emerging mobile internet and fast-growing smartphone markets,” said Charles Pan, special assistant to chairman and chief investment director of FIH Mobile Ltd, in a statement.
FIH Mobile makes handsets and wireless communications units, focusing on product development, design, manufacturing, assembly, and after-sales services and repairs. The investment also underscores its commitment to actively collaborate with technology companies in India to explore business opportunities.
MoMagic offers technology-backed and analytically-driven marketing solutions to enterprises, startups and e-commerce players. The company was formed in 2011, and is currently operational in five countries in South-East Asia.
MoMagic has earlier received funding from chip maker MediaTek.
“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,” said Arun Gupta, CEO and founder, MoMagic Technologies.
Foxconn, which makes iPhones for Apple Inc., is also an investor in Indian e-commerce giant Snapdeal.