MoMagic Technologies, a Noida-based startup working on Mobile Applications and VAS with special focus on emerging markets, today announced that FIH Mobile Limited ("FIH"), a global technology company, has made an investment to acquire a 10 percent stake in MoMagic.
A subsidiary of Foxconn Technology Group, FIH is investing in MoMagic, a MediaTek-invested technology company, to further strengthen FIH’s business presence in India, and as part of the two companies’ shared goal of tapping significant business opportunities in the world’s fastest-growing mobile internet and smartphone market.
MoMagic Technologies Pvt. Ltd. is a technology company headquartered in NCR, India. Set up in the year 2011, MoMagic presently operates across 5 markets in South East Asia. Emerging, as a key player in the mobile Internet market and app ecosystem, the company ensures to be a revenue generator for its partner organizations: OEMs and ecommerce players -startups including production and gaming houses.
The investment also underscores FIH’s commitment to actively collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities. The investment in MoMagic is being made by FIH’s subsidiary, Wonderful Stars Pte. Ltd.
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 as well as better reach and service to customers.
Speaking on the investment in MoMagic, Mr. Charles Pan, Special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd., said, "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. 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."
Mr. Grant Kuo, Managing Director of Indian operation, MediaTek Inc. Taiwan, said, "MoMagic is 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 FIH investment, we see MoMagic advancing its technological and business edge and expanding as a market leader."
Mr. 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."
"We also believe MoMagic’s inherent edge in the mobile Internet market can play a key role in the Digital India and Make in India initiatives", added Mr. Gupta.
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